REVENUE MEMORANDUM CIRCULAR NO. 34-2022 issued on January 31, 2022 announces the availability of the revised BIR Form No. 2316 (Certificate of Compensation Payment/Tax Withheld for Compensation Payment With or Without Tax Withheld) September 2021 ENCS. The Certificate was revised to include additional line for the 5% tax credit under Personal Equity and Retirement Account (PERA) Act of 2008.
              Every employer shall furnish every employee from whom taxes were withheld BIR Form No. 2316 on or before January 31 of the succeeding calendar year, or if employment is terminated before the close of such calendar year, on the day on which the last payment of compensation is made. The said Form is also required to be issued by every employer to employees classified as Minimum Wage Earners (MWEs) and to other employees whose compensation were not subjected to Withholding Tax.