RR No. 2-2022: Prescribes additional guidelines for implementing the tax provisions of the PERA Act of 2008 effectively amending pertinent provisions of RR No. 17-2011 and revising the provisions of RR No. 6-2021

Key points

1. Reports of PERA Administrators. Administrators submit four reports through the PERASys administered by the Bangko Sentral ng Pilipinas, forwarded to the BIR for approval of the PERA Processing Office through the ePERA System. The quarterly contributions report is due not later than the fifteenth (15th) day after the quarter closes, and the other three are due within sixty (60) days, as the Regulations set out.
2. PERA-Tax Credit Certificate. The PERA-TCC evidences a tax credit equal to five percent (5%) of total qualified PERA contributions in a year. The Administrator applies online through the PERASys within sixty (60) days from the close of the calendar year, and the certificate is generated through ePERA. For partial utilization, the printed serial number takes a suffix after the original number.
3. Use of the PERA-TCC. It is used only for income tax of qualified employee and self-employed contributors, while qualified overseas Filipino contributors may use it for any internal revenue tax. An employee gives it to the employer for year-end adjustments, and self-employed and overseas Filipino contributors attach it to their returns, with copies submitted to the RDO.
4. Early withdrawal penalties. The Administrator deducts the 5% and 20% penalties under RR No. 10-2016 from the account being withdrawn and remits them through online filing and payment. Any premature termination counts as early withdrawal under Section 11 of RA No. 9505.

Who is affected

• PERA Administrators
• Qualified employee, self-employed and overseas Filipino PERA contributors

Deadlines and effectivity

• Quarterly contributions report: not later than the fifteenth (15th) day after quarter close
• PERA-TCC application and annual reports: within sixty (60) days from the close of the calendar year