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non compete payment in philippines is it tax free after retirement age

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walter777


Arresto Menor
Hello,

I will be retiring at the age of 60, and my company offered me a non-compete compensation agreement not to work for one year.

My question, will this amount offered to me, be tax free or will it have be be taxed, in which case, i receive only a two-thirds of the total amount agreed?

Thank you,

W

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council


Reclusion Perpetua
walter777 wrote:Hello,

I will be retiring at the age of 60, and my company offered me a non-compete compensation agreement not to work for one year.

My question, will this amount offered to me, be tax free or will it have be be taxed, in which case, i receive only a two-thirds of the total amount agreed?

Thank you,

W

Retirement benefit, assuming you have worked there at least 5 years or if it's company policy? Non-taxable.

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