8box Solutions Inc.


Contact Number: 09369340340
Email: sales@8box.solutions

REVENUE REGULATIONS NO. 10-2016 issued on December 27, 2016 amends Section 10.C. of Revenue Regulations (RR) No. 17-2011, which implements the early withdrawal penalty of Republic Act (RA) No. 9505, otherwise known as the “Personal Equity and Retirement Account (PERA) Act of 2008.” In case of early withdrawals not falling under any of the circumstances under Section 10 (B) of RR No. 17-2011, the Contributor shall pay the following early withdrawal penalties: a. The five percent (5%) tax credit availed by the Contributor for the entire period of the PERA; b. A flat rate of twenty percent (20%) based on the total income earned by said account from the time of its opening/creation up to the time of withdrawal. The administrator shall fully disclose to the Contributor the said penalties arising from early withdrawals prior to account opening.