Bureau of Internal Revenue
The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 120-2020, 30 October 2020, to further clarify the retirement benefits (“RB”) exemption from income tax given to employees of private firms from 5 June 2020 to 31 December 2020 (“covered period”) under the Bayanihan to Recover as One Act.
The following are the salient points of the RMC:
Attached is the full text of the issuance.