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RMC No. 16-2021: Prescribes the guidelines in the submission of list of recipients of income exempt from Income Tax pursuant to RA No. 11494 (Bayanihan to Recover as One Act), as implemented under RR No. 29-2020

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Summary

RMC No. 16-2021 prescribes guidelines for submitting the list of recipients of income exempt from Income Tax under RA No. 11494 (Bayanihan to Recover as One Act), as implemented by RR No. 29-2020.

Key points

  1. One-time list. Employers required to submit the annual Alphabetical List of Employees/Payees submit a one-time list of recipients of the exempt income under Section 3 of RR No. 29-2020. It shows the recipient’s name, TIN, nature and amount of income payment, and date of payment, attested by the authorized official of the employer or implementing government agency.
  2. Where and how to submit. The list goes to the RDO or the Large Taxpayers Service (LTS) office with jurisdiction over the employer. Hard copies come with soft copies in a USB flash drive, and the hard copies are stamped RECEIVED once the soft copies are copied.
  3. Quarterly report. Employers also report employees who received income tax-exempt retirement benefits but were re-employed by them or their related parties within the succeeding twelve-month period from retirement. It is due thirty (30) days from the close of each calendar quarter of 2021.
  4. Employees to include. All employees hired in 2021 are included, whether or not they have a previous employer. For those with a previous employer, the Annex B data comes from BIR Form 2316 issued by that employer, so the form is required.
  5. Internal reporting. Receiving offices prepare a report, and the Regional Office/LTS submits a consolidated soft copy to the Planning and Management Service, Attention: Research and Statistics Division, not later than February 10, 2021 for the one-time list.

Who is affected

  • Employers required to submit the annual Alphabetical List of Employees/Payees
  • Implementing government agencies

Deadlines and effectivity

  • One-time list: originally January 15, 2021, extended to January 31, 2021
  • Quarterly report: thirty (30) days after each 2021 calendar quarter closes
  • Consolidated report to PMS: not later than February 10, 2021

Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.

Related issuances

CitesRR No. 29-2020

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.