RR No. 7-2023 — Amends certain provisions of RR Nos. 17-2011 and 2-2022, implementing RA No. 9505 "Personal Equity and Retirement Account (PERA) Act of 2008" (Published in Manila Bulletin on July 12, 2023)

REPUBLIC OF THE PHILIPPINES

BUREAU OF INTERNAL REVENUE DEPARTMENT OF FINANCE Quezon City JUN :3 0 2023

REVENUE REGULATIONS NO.7- 2023

SUBJECT : Amending Certain Provisions of Revenue Regulations (RR) Nos. 17-2011 and 2-2022, Implementing Republic Act (RA) No. 9505, Otherwise Known as the "Personal Equity and Retirement Account (PERA) Act of 2008"

TO All Internal Revenue Officers and Others Concerned

promulgated to amend the pertinent provisions of RR No. 17-2011, as amended, and to prescribe additional guidetines on PERA Tax Credit Certificate (TCC). Code of 1997, as amended, in relation to Section 5 of the "PERA Act of 2008" and its revised rules approved on February 8, 2023 relative to the maximum annual PERA contributions, these regulations are hereby SECTION 1. Scope. Pursuant to the provisions of Section 244 of the National Internal Revenue

hereby further amended to read as follows: SECTION 2. Amendments. Section 2 (n) and Section 6 of RR No. 17-2011, as amended, are

"Section 2. Definition of Terms- xxxx

fiscal position of the Government and other pertinent factors." which shall not exceed 200.000.00 per calendar year (if the Contributor is a non- Overseas Filipino), or 400.000.00 per calendar year (if the Contributor is an Overseas Filipino or in representation of an of the contribution using the Consumer Price Index as published by the National Statistics Office. Overseas Filipino), and in accordance with the provisions of Section 6 of these Regulations, subject to the adjustments authorized by the Secretary of Finance, taking into consideration the present value (n): Qualified PERA Contributions- shall refer to the contributions of the Contributor to his PERA. XXXX XXXX XXXX

the term "Qualified PERA Contributions" as defined under Section 2(n), the aggregate maximum "Section 6. Maximum Annual PERA Contributions. -- Without limiting the scope and coverage of Qualified PERA Contributions in one calendar year for purposes of illustration shall be as follows.

Contributor Qualified PERA Maximum

Unmarried Filipino Citizen Php200.000.00 Contribution in Peso*

as a Contributor Unmarried Overseas Filipino Married Fitipino Citizen and both spouses qualify as Married Filipino Citizen and only one spouse qualifies a Contributor qualified contributor Php200,000.00 for each Php200.000.00 Php400.000.00

an Overseas Filipino Married Overseas Filipino whose legitimate spouse is neither an Overseas Filipino nor a qualified contributor Married Overseas Filipino whose legitimate spouse and Overseas Filipino who did not directly open any PERA Married Overseas Filipino whose legitimate spouse is also children (not otherwise disqualified as contributors) of an qualified contributor representation of the Overseas Filipino Php400.000.00 Php400.000.00. cumulative for the spouse and children in Php400.000.00 for each

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Contributor PERA Contribution in Maximum Qualified

Peso. Married Overseas Filipino whose legitimate children are not Overseas Filipinos and are not qualified Contributors of actual contribution. * Or its equivalent in any convertible foreign currency at the prevailing rate at the time XXXX XXXX XXXX Overseas Filipino Php400.000.00 for the

to Contributor but shall not be entitled to any benefit under the PERA Act. Contributions to the PERA amounting to more than Php200.000.00 or Php400,000.00, as the case may be, shall not be accepted by the Administrator under the PERA Account, however, they may be accepted by the Administrator as other Savings/Investment Account after appropriate advice given

Further, Section 4 of RR No. 2-2022 is hereby amended to read as follows:

"SECTION 4. PERA TCC.-

L UTILIZATION OF PERA TCC- XXXX

XXXX XXXX XXXX

II. EXPIRATION OF PERA TCC- A tax credit certificate issued in accordance with_the pertinent provisions of this Regulations, that remains unutilized after five (5) years from the date of issuance, shall be considered invalid_and shall not be allowed as payment for internal revenue tax_liabilities of the PERA contributor. The amount_covered by the certificate issued shall be automatically cancelled by the ePERA System.

after five (5) vears from the date of issuance of the original certificate." In case of damaged or tost certificate, reissuance of certificate will not be available

and all other issuances inconsistent herewith are hereby repealed, modified, or amended accordingly. SECTION 3. Repealing Clause.- The provisions of RR Nos. 17-2011 and 2-2022, as amended,

days following its publication in the Official Gazette or in a newspaper of general circulation, whichever starting January 1, 2023, while the rest of the provisions of these regulations shall take effect fifteen (15) comes earlier. SECTION 4. Effectivity. -- The increase in the maximum annual PERA contributions shall apply

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Recommending Approval BENJAMIN E. DIOKNO scrUw Fi8a.c

LUMAGUA Onmissioner of Interr. 005964 1 Revenue

BUREAU OF INT Nn JUL o7 ZDZ3 g 20 D RNAL REVENUE

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