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    RMC No. 16-2021

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    nathalie velasquez
    The document summarizes guidelines for employers to submit lists of employees who received income exempt from income tax under the Bayanihan to Recover as One Act. Employers must submit a one-time list by January 31, 2021 using the prescribed template indicating recipient names, TINs, income payments, and dates. They must also submit quarterly reports on employees who received retirement benefits and were later reemployed. The Bureau of Internal Revenue provides templates for the lists and requires hard and soft copy submissions along with quarterly reporting deadlines.

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    RMC No. 16-2021

    Uploaded by

    nathalie velasquez
    84 views1 page
    The document summarizes guidelines for employers to submit lists of employees who received income exempt from income tax under the Bayanihan to Recover as One Act. Employers must submit a one-time list by January 31, 2021 using the prescribed template indicating recipient names, TINs, income payments, and dates. They must also submit quarterly reports on employees who received retirement benefits and were later reemployed. The Bureau of Internal Revenue provides templates for the lists and requires hard and soft copy submissions along with quarterly reporting deadlines.

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    The document summarizes guidelines for employers to submit lists of employees who received income exempt from income tax under the Bayanihan to Recover as One Act. Employers must submit a one-time list by January 31, 2021 using the prescribed template indicating recipient names, TINs, income payments, and dates. They must also submit quarterly reports on employees who received retirement benefits and were later reemployed. The Bureau of Internal Revenue provides templates for the lists and requires hard and soft copy submissions along with quarterly reporting deadlines.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    84 views1 page

    RMC No. 16-2021

    Uploaded by

    nathalie velasquez
    The document summarizes guidelines for employers to submit lists of employees who received income exempt from income tax under the Bayanihan to Recover as One Act. Employers must submit a one-time list by January 31, 2021 using the prescribed template indicating recipient names, TINs, income payments, and dates. They must also submit quarterly reports on employees who received retirement benefits and were later reemployed. The Bureau of Internal Revenue provides templates for the lists and requires hard and soft copy submissions along with quarterly reporting deadlines.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    REVENUE MEMORANDUM CIRCULAR NO.

    16-2021 issued on January 28, 2021 prescribes the


    guidelines in the submission of list of recipients of income exempt from Income Tax pursuant to Republic
    Act (RA) No. 11494 (Bayanihan to Recover as One Act), as implemented under Revenue Regulations (RR)
    No. 29-2020.
    Pursuant to Section 4 of the said RR, all employers required to submit Alphabetical List of
    Employees/Payees annually are required to submit a one-time list of recipients of income mentioned under
    Section 3 of the said RR relative to income payments exempt from Income Tax on or before January 15,
    2021 to the Revenue District Offices (RDOs)/concerned office under Large Taxpayers Service (LTS)
    having jurisdiction over the employer. Said list shall indicate the name of the recipient, the corresponding
    Taxpayer Identification Number (TIN), the nature and amount of income payment paid, and the date of
    payment. Likewise, the said list shall be attested to by the authorized official of the employer/implementing
    government agency.
    In addition to the one-time list, employers shall also submit a quarterly report pertaining to
    employees who received retirement benefits exempted from Income Tax but later re-employed by them or
    their related parties during the succeeding twelve-month period from retirement. The submission of this
    quarterly report shall be done thirty (30) days from the close of all calendar quarters of 2021.
    The prescribed template to be used for the required lists are attached as Annexes "A" and "B" of
    the Circular. The deadline for the submission of the one-time list is extended to January 31, 2021, to give
    employers/implementing agencies ample time to convert their lists into the prescribed format. However,
    the hard copies submitted shall be accompanied by soft copies contained in a Universal Serial Bus (USB)
    flash drive.
    The hard copies shall be stamped "RECEIVED" by the Bureau's receiving office once the soft
    copies in USB flash drive are copied and stored by the receiving Revenue Officer. Concerned receiving
    offices shall prepare a report and the Regional Office/LTS shall submit the consolidated report in soft copy
    to the Planning and Management Service, Attention: Research and Statistics Division, not later than
    February 10, 2021 for the one-time list.
    For the submission of the quarterly report by concerned employers/implementing agencies, the
    deadline which is thirty (30) days after the close of all calendar quarters of 2021, is reiterated. All employees
    hired during the year 2021, regardless if the said employee has previous employer or not, shall be included
    in the list. If they have previous employer, the information required in the prescribed template (Annex B)
    can be determined from BIR Form 2316 issued by the previous employer. Thus, said BIR Form is required.

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