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Finally,PERAlawupforimplementation|Business,News,ThePhilippineStar|philstar.com
Fri|07/22/201610:36pm|Forex:$1:47.070
FOLLOWUS:
205,3000.24%
I
46,0000.51%
ICT
741,8203.61%
IDC
661,4003.51%
IMI
265,0000.35%
IMP
412,0001.40%
IMPB
3,1404.25%
ION
700,0000.85%
1.96
64.10
5.90
5.73
24.65
194.00
2.38
Finally,PERAlawupforimplementation
ByPrinzMagtulis(philstar.com)|UpdatedJuly22,20166:22pm
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ThePERALawwaspassedin2008.Filephoto
MANILA,PhilippinesEmployeesmaysoonseeadditionaldeductionsontheirmonthlysalariestobeputforretirementaftertheBureauofInternalRevenuefinally
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Finally,PERAlawupforimplementation|Business,News,ThePhilippineStar|philstar.com
gavethelongdelayedgoaheadtoasavingsprogrampassedin2008.
ThegosignalwasissuedthroughRevenueMemorandumOrder422016thatlaidoutreportorialrequirementsforRepublicAct9505orthePersonalEquityand
RetirementAccount(PERA)Law.
"Withtheenginesallsetoutfortheproperimplementation...manyemployersareexpectedtotakethisopportunitytobecomeanagent...topromotecapitalmarket
developmentandsavingsmobilization,"theorderstated.
"Employees,includingselfemployedindividualsandoverseasFilipinos,canstartplanningtheirfuturebyestablishingtheirownPERA,"itadded.
PERAestablishesaretirementsystemwherecontributionsaremadebybothemployersandemployees.
Thesecontributionsaremanagedandinvestedbyan"administrator"chosenbytheemployee.AnypersonmayonlyhaveamaximumoffivePERAaccounts
cumulativelyworthuptoP200,000.
Contributorsareentitledtoincometaxcrediteveryyearworthfivepercentofhisorherannualcontributions.
PERAwillcomeontopofexistingcontributionstopensionfundsSocialSecuritySystemandGovernmentServiceInsuranceSystem.
TheEmployersConfederationofthePhilippinesdeclinedtocommentonpossibleadditionalcoststoemployers.
Themeasureisalsoconsideredrevenueeroding,withoriginalgovernmentestimatesofP12billionlostperyear.
"WebelievethatthelongtermbenefitsofthePERAwouldoutweightherevenueloss,"saidBenedictTugonon,presidentoftaxindustrygroupTaxManagement
AssociationofthePhilippines.
Undertheorder,PERAadministratorwillneedtoapplybeforetheBIR'sAudit,Information,TaxExemptionandIncentivesDivision,wheretheywillalsosubmit
quarterlyandannualreports.
ReportswillcontainPERAtransactions,includingcontributions,incomeearned,assetswhereitisinvested,earlywithdrawalsandterminationsbycontributors.
Theyarealsotaskedtomaintaina"record"ofalltheseinformation.BIRandtheBangkoSentralngPilipinas(BSP),meanwhile,willestablishnetworkconnectivityfor
monitoring.
"Evenwiththisorder,PERAcouldnotbeimplementedwithoutadministratorsapplyingbeforeBSP,"formerBIRcommissionerKimHenaressaidbyphone.
BSPdeputygovernorNestorEspenillaJr.saidthecentralbankhasapprovedtwoadministratorssofar.
FinanceSecretaryCarlosDominguezIIIhadmadeithisprioritytoimplementPERAduringthefirstsixmonthsoftheDuterteadministration.
HenaressaidshedidnotintentionallydelayPERA'sissuancebecauseitwilldecreaserevenues.
"IwassupposedtosignitafterApril15toavoidconfusioninincometaxpayments.Thatwasthesamedraftsignednow,"shesaid.
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Finally,PERAlawupforimplementation|Business,News,ThePhilippineStar|philstar.com
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Nice18minutesago
Isit100Kforlocalemployeesand200kforOFW's?
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theobserver42minutesago
thisisagreatpolicy,butwhyisitcappedat200k?
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