RMO No. 28-2017: Amends certain provisions of RMO No. 42-2016 relative to the implementation of RA No. 9505 (Personal Equity and Retirement Account or PERA Act of 2008)

Summary

RMO No. 28-2017, issued on October 13, 2017, amends RMO No. 42-2016 on the reportorial requirements for implementing Republic Act No. 9505, the Personal Equity and Retirement Account (PERA) Act of 2008.

Key points

1. Fewer reports. The reports required under RMO No. 42-2016 are reduced from fifteen (15) to three (3). The reports summarized in Annex B of RMO No. 42-2016 are discontinued upon effectivity of this Order.
2. The three reports. The PERA Administrator submits to AITEID a Quarterly Report on PERA Contributions, an Alpha List of PERA Contributors, and a Quarterly Report on PERA Distributions and Early Withdrawals. The templates and the list of discontinued reports are attached to the Order.
3. Revised forms. BIR Form No. 2338 (Certification of Aggregate Amount of Qualified PERA Contribution) and BIR Form No. 2339 (Certification of Entitlement to 5% Tax Credit for Employee Contribution) are also revised.

Who is affected

• PERA administrators
• PERA Processing Office (AITEID)

Deadlines and effectivity

• Old reports discontinued upon effectivity of the Order

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