Amendments to Revenue Regulations No. 1-68, as Amended by Revenue Regulations No. 1-83, Otherwise Known as the PRIVATE RETIREMENT BENEFIT PLAN REGULATIONS

September 3, 2001 REVENUE REGULATIONS NO. 11-01 SUBJECT : Amendments to Revenue RegulationsNo.1-68, as Amended by RevenueRegulations No.1-83, Otherwise Known as the PRIVATE RETIREMENTBENEFITPLAN REGULATIONS TO : All Internal Revenue Officers and Others Concerned SECTION 1 . Pursuant to Section 244, in relation to Section 32(B)(6)(a), both of the Tax Code of 1997, the following regulations amending Revenue Regulations No. 1-83 are hereby promulgated. 2 . Section 1(B) of Revenue Regulations No. 1-83 is hereby amended to read as follows: "(B) Fees to be paid by the employer : "1. Upon issuance of the certificate of qualification (a) employers not having more than 50 employees P2,000.00 (b) employers having more than 50 but not over 100 employees 3,000.00 (c) employers having more than 100 employees 5,000.00 "2. Upon issuance of an amendatory certificate of qualification (a) employers not having more than 50 employees P2,000.00 (b) employers having more than 50 but not over 100 employees 3,500.00 (c) employers having more than 100 employees 5,000.00" Provided, however, that employers not having more than five (5) employees shall be exempt from the fees prescribed by these regulations. Said fees shall accrue to the General Fund and shall be deposited with the National Treasury. SECTION 3 . EFFECTIVITY . These regulations shall take effect fifteen (15) days after publication in any newspaper of general circulation. cITAaD (SGD.) JOSE ISIDRO CAMACHO Secretary of Finance RECOMMENDING APPROVAL: (SGD.) REN G. BAEZ Commissioner of Internal Revenue