Home Development Mutual Fund/Pag-IBIG Fund(HDMF)

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Date: Jan. 17, 2020, 10:54 a.m.

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Date: 2020-01-17 11:48:00.000000

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Date: 2020-02-04 17:46:44.000000

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Increase in Pag-IBIG Contribution

Published by Home Development Mutual Fund/Pag-IBIG Fund(HDMF) on Jan. 17, 2020.
Requested from HDMF by A. Magtoto at 10:54 AM on Jan. 17, 2020.
Purpose: Personal Financial Decision
Date of Coverage: 01/01/2020 - 01/17/2020
Tracking no: #HDMF-643256917010

A.MAGTOTO Jan. 17, 2020, 10:54 a.m.

Hi, I plan to increase my Pag-IBIG contribution from PhP100.00 (compulsory amount for employees) to PhP1000.00. I know for sure that the PhP100.00 compulsory amount is deductible from gross income. But is the voluntary amount of PhP900.00 [PhP1000.00- PhP100.00] deductible from my gross income thereby decreasing my income tax amount? Thanks

F.OFFICER Jan. 17, 2020, 11:48 a.m.

Jan 17, 2020 Dear Antonio Magtoto, Thank you for your request dated Jan 17, 2020 10:54:10 AM under Executive Order No. 2 (s. 2016) on Freedom of Information in the Executive Branch, for Increase in Pag-IBIG Contribution. We received your request on Jan 17, 2020 10:54:10 AM and will respond on or before Feb 07, 2020 10:54:10 AM, in accordance with the Executive Order's implementing rules and regulations. Should you have any questions regarding your request, kindly contact me using the reply function on the eFOI portal at https://foipmo10042019152320-dot-efoi-ph.appspot.com/requests/aglzfmVmb2ktcGhyHgsSB0NvbnRlbnQiEUhETUYtNjQzMjU2OTE3MDEwDA, for request with ticket number #HDMF-643256917010. Thank you. Respectfully, FOI Receiving Officer FOI Officer

A.COSICO Feb. 4, 2020, 5:46 p.m.

04 February 2020 Mr. Antonio Magtoto Lot 12 and 13, Block 4 Manila Harbour Center Vitas, Tondo Manila Dear Mr. Magtoto, Greetings from the Home Development Mutual Fund (Pag-IBIG Fund)! This refers to your eFOI request for information on the tax deductibility of contributions in excess of the mandatory amount of Php100.00 to the Pag-IBIG Regular Savings. The Bureau of Internal Revenue’s (BIR) Revenue Memorandum Circular (RMC) No. 27-2-11 revoked earlier BIR Rulings exempting contributions in excess of the mandatory monthly contributions to Home Development Mutual Fund (Pag-IBIG), Government Service Insurance System (GSIS), SSS, PhilHealth, from income tax. Thus, voluntary contributions to these institutions in excess of the amount considered compulsory are not excludible from the gross income of the taxpayer and hence, not exempt from Income Tax and Withholding Tax. Attached for your reference is a scanned copy of BIR (RMC) No. 27-2-11. Thank you. ATTY. ROBERT JOHN S. COSICO OIC-Deputy Chief Executive Officer, Support Services Cluster And Chief Legal Counsel FOI Decision Maker

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