RMO No. 11-2020: Amends certain provisions of RMO No. 28-2017 re: guidelines and procedures in the implementation of RA No. 9505 (Personal Equity and Retirement Account [PERA] Act of 2008)

Key points

1. Two forms of the COE. BIR Form No. 2339, the Certificate of Entitlement (COE) to 5% Tax Credit for Employee-Contributor, becomes two forms. One is for an employee without Qualified Employer’s Contribution and the other for an employee with it.
2. Release of the COE. The COE is released to PERA Administrators. They send it to the employee if there is no qualified employer’s contribution, or to the employer if there is one, so the withholding tax on the employee’s compensation income is adjusted automatically.

Who is affected

• PERA Administrators
• Employees with or without Qualified Employer’s Contribution
• Employers