Summary
RMC No. 34-2022 announces the availability of the revised BIR Form No. 2316 (Certificate of Compensation Payment/Tax Withheld), September 2021 ENCS version.
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Key points
- What changed. The Certificate was revised to add a line for the 5% tax credit under the Personal Equity and Retirement Account (PERA) Act of 2008.
- Who must be given the form. Every employer furnishes it to every employee from whom taxes were withheld. Employers also issue it to Minimum Wage Earners and to other employees whose compensation was not subject to Withholding Tax.
Who is affected
- Employers
- Employees, including Minimum Wage Earners and employees whose compensation was not subject to Withholding Tax
Deadlines and effectivity
- Furnish on or before January 31 of the succeeding calendar year
- If employment ends before year end: on the day the last payment of compensation is made
Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.
Copies of BIR issuances are hosted here for reference. For the official version, check bir.gov.ph. Summaries by Tax Resources PH are not a substitute for the full text or professional advice.