Revenue Regulations No. 15-2025: Revised Private Retirement Benefit Plan Regulations

On 29 April 2025, the Bureau of Internal Revenue (“BIR”) issued Revenue Regulations (“RR”) No. 15-2025 or the Revised Private Retirement Benefit Plan Regulations to revise policies and guidelines on the taxability of retirement benefits received by employees under a reasonable private retirement benefit plan.

For this purpose, a private retirement benefit plan shall refer to an agreement whereby an employer provides benefits to its officials and employees upon the latter’s retirement. It may consist of a pension, gratuity, provident fund, stock bonus or profit-sharing plan, or any other similar plan maintained by an employer for the benefit of some or all of its officials and employees, wherein contributions are made by such employer or officials and employees, or both.