Prescribing the Additional Guidelines for Implementing the Tax Provisions of the PERA Act of 2008 Effectively Amending Pertinent Provisions of Revenue Regulations No. 17-2011

April 13, 2021 REVENUE REGULATIONS NO. 06-21 SUBJECT : Prescribing the Additional Guidelines for Implementing the Tax Provisions of the PE RA Act of 2008 Effectively Amending Pertinent Provisions of Revenue Regulations No. 17-20 11 TO : All Internal Revenue Officers and Others Concerned SECTION 1. Scope . Pursuant to Section 244 of the National Internal Revenue Code of 1997, as amended, these Regulations are hereby issued to prescribe the additional guidelines for implementing the tax provisions of Republic Act No. 9505, otherwise known as the "Personal Equity and Retirement Account (PERA) Act of 2008" effectively amending the pertinent provisions of Revenue Regulations (RR) No. 17-2011. SECTION 2. Submission of Reports by PERA Administrators . The following reports shall be submitted by the PERA Administrators through the PERASys administered by the Bangko Sentral ng Pilipinas and forwarded to the Bureau of Internal Revenue, for approval of the PERA Processing Office, through the ePERA system: Name of Report Due Date of Submission Format 1 Quarterly Report on PERA Contributions Not later than the fifteenth (15th) day following the close of every quarter Annex "A" 2 Quarterly Report on PERA Distributions/Early Withdrawals/Terminations Within sixty (60) days following the end of the quarter of the date of termination or withdrawal Annex "B" 3 Annual Report on PERA Contributions Within sixty (60) days from the close of the calendar year Annex "C" 4 Annual Report on PERA Distributions/Early Withdrawals/Terminations Within sixty days (60) days from the close of the calendar year Annex "D" 5 Alphalist of PERA Contributors Within sixty days (60) days from the close of the calendar year Annex "E" SECTION 3. Processing and Issuance of PERA-TCC . The PERA-Tax Credit Certificate (TCC) refers to the document evidencing the amount of tax credit equivalent to five percent (5%) of the total amount of qualified PERA contributions made in a year. The application for PERA-TCC shall be filed online thru the PERASys by the PERA Administrator within sixty days (60) days from the close of the calendar year. The application shall be processed and approved for issuance of the corresponding PERA-TCC by the PERA Processing Office, using the format in Annex "F" of these Regulations; and shall be generated through the facilities of the ePERA System. CAIHTE Likewise, the PERA-TCC shall be readily accessible at the PERASys by the PERA Administrator, for issuance to their respective contributors. It shall be printed only upon request of utilization by the qualified contributor. SECTION 4. Utilization of PERA-TCC . The PERA-TCC shall be used for the payment of income tax liabilities of qualified employee and self-employed contributors, while for qualified overseas Filipino contributor, the PERA-TCC can be used in the payment of any internal revenue taxes. The PERA-TCC shall reflect such restrictions. In the case of an employee contributor, the PERA-TCC shall be submitted to the employer to apply the gross amount of the PERA-TCC in the annual year-end adjustments for computing the net withholding tax due of the contributor-employee. In all cases, the PERA-TCC shall be surrendered and attached to the applicable tax returns. The duly received copies of the tax returns, together with copy/ies of the PERA-TCC and the other prescribed attachments, shall be submitted to the concerned Revenue District Office (RDO) pursuant to the existing revenue guidelines and procedures. SECTION 5. Remittance of Penalties on Early Withdrawal of PERA . The penalties of five percent (5%) and twenty percent (20%) for early withdrawal of qualified contribution prescribed under RR No. 10-2016 shall be deducted by the PERA Administrator from the PERA account prior to its release of payment of withdrawal by the contributor, which shall be remitted using online filing and payment facilities: Penalty BIR Form No. In the name of Deadline of Payment/Remittance 5% Tax Credit availed for the entire period of PERA 0605 Qualified Contributor On or before the last day of the month following the close of the calendar quarter during which the deduction was made 20% of Total Income earned from the time of its opening up to the time of withdrawal 1601FQ PERA Administrator SECTION 6. Repealing Clause . The pertinent provisions of RR No. 17-2011 which are contrary to or inconsistent with these Regulations are hereby amended, modified or repealed accordingly. SECTION 7. Effectivity . This Revenue Regulations shall take effect fifteen (15) days following its publication in the Official Gazette or in a newspaper of general circulation. DETACa (SGD.) CARLOS G. DOMINGUEZ Secretary of Finance Recommending Approval: (SGD.) CAESAR R. DULAY Commissioner of Internal Revenue ANNEX A Quarterly Report on PERA Contributions ANNEX B Quarterly Report on PERA Distributions and Early Withdrawals ANNEX C Annual Report on PERA Contributions ANNEX D Annual Report on PERA Distributions and Early Withdrawals ANNEX E Alphalist of PERA Contributors ANNEX F BIR Form No. 2337 Personal Equity and Retirement Account (PERA) Tax Credit Certificate (TCC)