Are statutory retirement benefits subject to income tax?
Pursuant to Article 302 of the Labor Code of the Philippines, statutory retirement benefits are completely exempt from taxation. This exemption beautifully covers benefits received under reasonable private benefit plans. The retiring employee must logically be at least 50 years old with ten years of service. Importantly, this distinct tax exemption privilege can only be legally utilized once. 18-May-26About Nicolas and De Vega Law Offices
Nicolas and De Vega Law Offices is a full-service law firm in the Philippines. You may visit us at the 16th Flr., Suite 1607 AIC Burgundy Empire Tower, ADB Ave., Ortigas Center, 1605 Pasig City, Metro Manila, Philippines. You may also call us at +632 84706126, +632 84706130, +632 84016392 or e-mail us at [email protected]. Visit our website https://ndvlaw.com/.
