Exempting Social Security Benefits, Retirement Gratuities, Pensions And Other Similar Benefits From Payment Of Income Taxes
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Exempting Social Security Benefits, Retirement Gratuities, Pensions And Other Similar Benefits From Payment Of Income Taxes
Presidential Decree No. 220
June 20, 1973
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Summary of Presidential Decree No. 220Exemption of Social Security Benefits, Retirement Gratuities, Pensions and Other Similar Benefits from Income Tax
- Notwithstanding any existing law, the following benefits are exempt from payment of income tax: (Section 1)
- Social security benefits
- Retirement gratuities
- Pensions
- Other similar benefits received by retiring employees and workers
- Benefits received from Philippine or foreign government agencies and other institutions, whether private or public
- The decree took effect immediately upon approval. (Section 2)
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Executive Issuances
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social security benefits
retirement gratuities
pensions
income tax exemption
retiring employees
retiring workers
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Exempting Social Security Benefits, Retirement Gratuities, Pensions And Other Similar Benefits From Payment Of Income Taxes
Presidential Decree No. 220
•June 20, 1973
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 220 June 20, 1973
EXEMPTING SOCIAL SECURITY BENEFITS, RETIREMENT GRATUITIES, PENSIONS AND OTHER SIMILAR BENEFITS FROM PAYMENT OF INCOME TAXES
I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution as Commander-in-Chief of all the Armed Forces of the Philippines, and pursuant to Proclamation No. 1081, dated September 21, 1972, and General Order No. 1, dated September 22, 1972, as amended, do hereby decree and order
1. That, provisions of any existing law to the contrary notwithstanding, social security benefits, retirement gratuities, pensions and other similar benefits received by retiring employees and workers, whether received from the Philippines or foreign government agencies and other institutions, private or public, shall be exempt from the payment of income tax;
2. That this Decree shall be effective immediately after its approval.
Done in the City of Manila, this 20th day of June, in the year of Our Lord, nineteen hundred and seventy-three.
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