Vol. XXII, No. 151
Wednesday, March 4, 2009 | MANILA, PHILIPPINES
Banking & Finance
THE CENTRAL BANK is set to release today the implementing rules of the Personal Equity and Retirement Account (PERA) Act.
Bangko Sentral ng Pilipinas (BSP) Deputy Governor Nestor A. Espenilla, Jr. told reporters at the sidelines of a forum yesterday that "we are targeting to release it tomorrow, if all goes well."
The PERA law is aimed at encouraging Filipinos to prepare for retirement. The measure was ratified by Congress in June and signed into law by President Gloria Macapagal-Arroyo in August.
A contributor may set up a maximum of five PERA and make an aggregate maximum contribution of P100,000 to his or her PERA per year. He or she will enjoy an income tax credit equivalent to 5% of the total PERA contribution.
The PERA law, or Republic Act 9505, has designated the BSP as the lead agency that will draft the implementing guidelines pertaining to the qualification of PERA administrators, custodians and investment managers and the qualification of PERA investments.
The BSP shall be assisted by the Finance department, Bureau of Internal Revenue (BIR). It took comments from the private sector.
The BIR, on the other hand, has been tasked to draw the implementing guidelines on tax-related provisions of the PERA law.
The BIR said it has already finished a draft revenue regulation but will have to see the implementing rules drawn by the BSP.
"The [revenue regulation] draft is ready. But we have to see first the mother IRR (implementing rules and regulations) to be issued by the BSP. The two should complement each other," said BIR Director Eufrocina S. Casasola in a telephone interveiw.
She said the bureau will release the final revenue regulation as soon as it finishes reviewing the BSP’s guidelines. — P. L. G. Montecillo and A. D. B. Romero
1 comment:
When will the final IRR be released?
Post a Comment