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BIR raises limit for PERA law contributions

Business

BIR raises limit for PERA law contributions

By Jun Ramirez

The Bureau of Internal Revenue (BIR) has issued Revenue Regulations (RR) introducing changes to the old RR Nos. 17-2011 and 2-2022, which pertain to the implementation of the Personal Equity and Retirement Account (PERA) Act of 2008.

Under the new RR No. 7-2023, the maximum annual PERA contributions per calendar year have been adjusted to P200,000 (for non-overseas Filipinos) or P400,000 (for overseas Filipinos or their representatives).

Contributions exceeding these limits will not be accepted by the PERA Account Administrator but may be considered for other Savings/Investment Accounts, though without entitlements to any benefits under the PERA Law.

Additionally, any unutilized PERA-Tax Credit Certificate (PERA-TCC) issued under RR No. 17-2011, after five years from issuance will be invalidated. The ePERA System will automatically cancel the certificate's coverage.

No reissuance will be available for lost or damaged certificates after five years from their original issuance date.

The PERA-TCC represents a document confirming a tax credit equivalent to five percent of the total qualified PERA contributions made in a year.

The application for PERA-TCC must be filed online through PERASys by the PERA Administrator within sixty days from the calendar year's end.

According to RR No. 2-2022, the PERA-TCC can only be used to pay income tax liabilities for qualified employe and self-employed contributors. However, qualified overseas Filipino contributors can utilize the PERA-TCC for the payment of any internal revenue taxes.

BIR Commissioner Romeo D Lumagui, Jr., said that for a comprehensive information regarding the amendments concerned individuals may review the full text of RR No. 7-2023 posted on the BIR Website (www.bir.gov.ph).

Related Tags

Bureau of Internal Revenue (BIR) BIR Commissioner Romeo Lumagui Jr.

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