Amending Section 10.C. of Revenue Regulations No. 17-2011 Implementing the Early Withdrawal Penalty of Republic Act No. 9505, Otherwise Known as the 'Personal Equity and Retirement Account (PERA) Act of 2008'

December 27, 2016REVENUE REGULATIONS NO. 10-16SUBJECT:Amending Section 10.C. of Revenue Regulations No. 17-2011 Implementing the Early Withdrawal Penalty of Republic Act No. 9505, Otherwise Known as the 'Personal Equity and Retirement Account (PERA) Act of 2008'   TO:All Internal Revenue Officers and Others Concerned SECTION 1.  Scope. — Pursuant to the provisions of Sections 244 and 245 of the National Internal Revenue Code of 1997, as amended, in relation to Section 13 of Republic Act (RA) No. 9505, these Regulations are hereby promulgated to amend Section 10.C. of Revenue Regulations (RR) No. 17-2011, Implementing the Tax Provisions of Republic Act No. 9505, Otherwise Known as the "Personal Equity and Retirement Account (PERA) Act of 2008." SECTION 2.  Amendment. — Section 10.C. of RR No. 17-2011 is hereby amended to read as follows:"SECTION 10. PERA Distributions and Early Withdrawals. —xxx xxx xxxC.  Imposition of Penalty. — In case of Early Withdrawals not falling under any of the circumstances under Section 10 (B) above, the Contributor shall pay the following Early Withdrawal Penalties:(1)  The five percent (5%) tax...