RR No. 23-2018 — Amends certain provisions of RR No. 17-2011, as amended, implementing RA No. 9505, (Personal Equity and Retirement Account [PERA] Act of 2008) (Published in Malaya on November 23, 2018) Digest | Full Text

REPUBLIC OF THE PHILIPPINES BUREAU OF rtrr rkr.tNAL trHvF_!\ue OI FINANCE ( i r{rj rri ERNAL REVENUE lL CvrrririU City RECORD-q MGT. DIViS IOt.i NOV 2019 UiUIi REVE|;; REGULATTSNS No. Js-hol! SUBJECT Amending Certain Provisions of Revenue Regulations (RR) No. 17- TO 2011, as Amended, Implementing Republic Act (RA) No. 9505, Otherwise Known as the "Personal Equity and Retirement Account (PERA) Act of 2008". All lnternal Revenue Officers and Others Concemed - SECTION 1. SCOPE. Pursuant to the provisions of Sections 244 and245 of the National Internal Revenue Code of 1997, as amended, in relation to Section 13 of Republic Act (RA) No. 9505, otherwise known as the "Personal Equity and Retirement Accouni (pEne) abt oi certain provisions of Revenue Regulations (RR) No. ?fu0r0th.8e"r, amended as prescribed under the aforesaid law. 17-2011, as amended, is hereby SECTION 2. Sections a (5) of RR No. 17-2011, as amended, is hereby'further amended to read as follows: - "SECTION 4.Establishment of a PERA. A Contributor must comply with the following requirements in establishing a PERA; (5) Submission of proof of source o.f-funds for the year or to be earned.for the year when the PERA contribution wcts made. " SECTION 3. Section 10 (B) of RR No. 17-2011, as amended, is hereby renumbered and further amended to read as follows: "SECTION 10. PERA Distributions and Early Withdrawals. - B. Early Withdrawal The follov,ing shall nol be subject tct thc Early Withdrav,al Penalty; (1) Transfer qf PERA assets to another Oualified/Elisible PERA Investment Product and/or another Administrator within.fifteen (15) calendar davs .from the withdrav,al thereot 2) For payment of accident or illness-reloted hospitalization in excess of thirty (30) days, in which case o duly notarized doctor's certificate attesting to the' said event shall be attached to the Notice qf

Termination/Withdrawal/Transfer to be submitted to the PERA Processing Office; (3) For payment to a Contributor y,ho has been subsequently rendered permanently totally disabled as defined under the Employees Compensation Law or Social Security System Lqw, in which case a certification dtly issued by a pertinent government agency that the Contributor had been permanently totally disabled shall be attached to the Notice of Termination/ Withdrcrwal/Transfer to be submitted to the PERA Processing Office,' (4) Deduction qf fees o-f the administrator, custodian and product provider (subsesuent to account openind from PERA assets, provided that such deduction is made with the consent of the Contributor. - SECTION 4. REPEALING CLAUSE. Any rules and regulations, issuances or parts thereof inconsistent with the provisions of these Regulations are hereby repealed, amended or modified accordingly. - SECTION 5. SEPARABILITY CLAUSE. If any of the provisions of these regulations is subsequently declared unconstitutional, the validity of the remaining provisions hereof shall remain in full force and effect. - SECTION 6. EFFECTIYITY. These Revenue Regulations shalltake effect immediately. Recommending Approval: @ CAESAR R. DULAY + Commissioner of Internal Revenue 0 20 o 3 3 Approved: Secretary of Finance 47, , 0[T 2 3 2018 firt ti'b';-,,0*.r, H-I-LMAT BtIREAIJ OF tfr t l:FTNAL Hl:vr: i\, !Jh f:\ I t\\ 1il1 Nol/ 212018 /|:aa ont N) RECORD$ MST, DIVIS!O N