Section 5Sec./Art. 5

Exemption from Tax of Retirement Benefits;.Retirement benefits received by officials and employees of private firms;' whether individual or corporate, from June 5, 2020 until December 31, 2020 shall be excluded from gross income and shall be exempt from taxation:Provided,That any re-employment of such official or employee in the same firm, within the succeeding twelve (12)-month period, shall be considered as proof of non-retirement and shall subject the benefits received to appropriate taxes. In addition to the payment of appropriate taxes, any person who willfully evades or defeats any imposable tax under this section shall be criminally liable and penalized under Section 255 of Republic Act No. 8424, as amended.