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)

BUREAU OF INTERNAL REVENUE REPUBLIC OF THE PHILIPPINES DEPARTMENT OF FINANCE APR 202020 12:20 PM N

REVENUE MEMORANDUMORDER NO.11-2020

SUBJECTAmending Certain Provisions of Revenue Memorandum Order(RMONo

28-2017-Prescribing the Guidelines and Procedures in the Implementation of Republic Act No.9505,Otherwise Known as the Personal Equity and Retirement Account(PERA) Act of 2008,dated July 21,2016

TO All Revenue Officials and Employees Concerned

BACKGROUND

Revenue Memorandum Order (RMONo.42-2016.as amended by RMO No.28-2017.prescribed the form of Certificate of Entitlement (COEto 5% Tax Credit for Employee-Contributor(BIR Form 2339 who has qualified contributions under the Personal Equity Retirement Account (PERA.The COE will be released to the PERA Administrators which will in turn transmit such certificate to the employer for purposes of automatically adjusting the withholding tax on employees' compensation income.

.OBJECTIVE

The current design of COE to 5% Tax Credit for Employee-Contributor BIR Form 2339form that

their tax incentives.However,in compliance with the Republic Act No.10173 otherwise known as the will be issued per employer contains a list of ALL employees with qualified PERA contributions and

Data Privacy Act of 2012.this Order is being issued to further amend the Certificate of Entitlement to 5% Tax Credit for Employee-Contributor.Consequently.the COE will be released to the PERA Administrators which will in turn transmit such certificate to:

IEmployee-without qualified employer's contribution and 2Employer- for employees with qualified employer's contribution for purposes of automatically adjusting the withholding tax on employees' compensation income

HIAMENDMENT

BIR Form No.2339 is hereby amended into two separate forms are attached

a.Annex E-I(a for Employee withou Qualified Emplover's Contrihution and h) Amex E-I(h for Emplovee with Qualified Emplover's Contribution

IV.REPEALING CLAUSE

amended or modified accordingly All revenue issuances and/or portions thereof that are inconsistent herewith are hereby repealed

V.EFFECTIVITY

This Order shall take effect immediately

agaMw

CAESAR R.DULAY

1-2/mos Commissioner of Internal Revenue 034436

ANMex E-1 (a)

Republic of the Philippines Bureau of Intermal Revenue 0an16 5G Financ to 5% Tax Credit for Employee-Contributor Certificate of Entitlement BIR Form No. 2339 July 2016

A APR 202020 12:20 PM

Annex E-((b)

Republic of the Philippines Bureau of Intermal Revenue Department of Finance to 5% Tax Credit for Employee-Contributor Certificate of Entitlement 2339 BIRFormNo julv 2016