Implementing the Provisions of Republic Act (RA) No. 11494 or the "Bayanihan to Recover as One Act" Relative to the Tax Exemption of Certain Income Payments

October 15, 2020REVENUE REGULATIONS NO. 29-20SUBJECT : Implementing the Provisions of Republic Act (RA) No. 11494 or the "Bayanihan to Recover as One Act" Relative to the Tax Exemption of Certain Income Payments   TO : All Internal Revenue Officers and Others Concerned SECTION 1. Scope. — Pursuant to the provisions of Section 244 of the National Internal Revenue Code (NIRC) of 1997, as amended, and the provisions of RA No. 11494, "An Act Providing for COVID-19 Response and Recovery Interventions and Providing Mechanisms to Accelerate the Recovery and Bolster the Resiliency of the Philippine Economy, Providing Funds Therefor, and for Other Purposes," also known as the "Bayanihan to Recover as One Act," these regulations are hereby promulgated to implement the exemption from tax of certain income payments. SECTION 2. Definition of Terms. — For purposes of these regulations, the following terms shall be defined as follows:A. COVID-19 Special Risk Allowance — it is an allowance paid to both private and public health workers directly catering to or in contact with COVID-19 patients for every month...