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P. 1
8-2-11 RA 10021

8-2-11 RA 10021

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Published by Ma Arnee Lopez

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Published by: Ma Arnee Lopez on Jun 21, 2012
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06/21/2012

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S.
No.3220
2Rqmhlit
of
tIpl
JIttliJlJrin~s
dlIlngrezsof
t4t
'lrilippitttz
.#JlWto~1a
Jlfaurf~~nf4Q\:anlltr'Ss'm'~td!2ikllular~~5s:itln
BegunandheldinMetroManila,onMonday,thetwenty-seventhdayofJuly,
two
thousandnine.
[REPUBLICACTNO,
10021]
ANACTTOALLOWTHEEXCHANGEOFINFORMATION
BY
THEBUREAUOFINTERNALREVENUEONTAXMATTERSPURSUANTTOINTERNATIQi\,Lt\,LI,.Y,_.AGREEDTAXSTANDARDS~.AMENDING.SECTIONS
6(F).71
AND
270
OFTHENATIONALINTERNALREVENUECODEOF1997,ASAMENDED,ANDFOR
OTHERPURPOSES
BeitenactedbytheSenateandHouseofRepresentativesofthePhilippinesinCongressassembled:
SECTION
1.
Title.-
ThisActshallbeknownasthe
11
ExchangeofInformationonTaxMattersActof2009".SEC.2.
Declaration.o]
Policy.-
It
is
thedeclaredpolicyof
the
State
to
promote
andpursuea
taxenvironment
that
contributesin
sustaininga
favorableinternationalinvestmentclimateandinstillsconfidence
in
theadequacyandcapacityofthecountry's
tax
administration
to
complywith
its
commitmentsunderexistinginternationalconventionsoragreementson
tax
matters.
 
Pursuanttothisdeclaredpolicy,thegovernmentshallcomplywithorcommit
to
theinternationally-agreed
tax
standardrequiredfortheexchangeoftaxinformationwith
its
tax
treatypartners
to
helpcombatinternational
tax
evasionandavoidanceand
to
helpaddresstaxconcernsthataffectinternationaltradeandinvestment.Thegovernmentshalllikewiseadoptmeasuresandprocedurestoenhancecooperationwithothercountries
in
theefficient
collection
of
taxes,consistent
with
theinternationalunderstanding
to
ensurethepaymentoftaxesduetherespective
taxing
jurisdictionsof
the
treatypartners.
SEC.3.
AuthorityoftheCommissionerofInternalRevenue
to
InquireintoBankDepositAccountsandRelatedInformationHeldbyFinancialInstitutions.-
Section6(F)ofRepublicActNo.8424,asamended,otherwiseknownastheNationalInternalRevenueCodeof1997,asamended,isherebyfurtheramendedtoreadasfollows:
"SEC.
6.
Power
0/
the
CommissionertoMakeAssessmentsandPrescribeAdditionalRequirementsforTaxAdministrationandEnforcement.-
"xxx
"(F)
AuthorityoftheCommissionertoInquireintoBankDepositAccountsandOtherRelatedInformationHeldbyFinancialInstitutions.
-Notwithstanding
anycontrary
provisionofRepublicActNo.1405,RepublicActNo.6426,otherwiseknownastheForeignCurrencyDepositActofthe
Philippines,and
othergeneraland
special
laws,theCommissionerisherebyauthorized
to
inquire
into
thebankdepositaandotherrelatedinformationheldbyfinancialinstitutionsof:"(1)Adecedent
to
determine
his
grossestate."(2)
Any
taxpayerwho
has
filedanapplicationforcompromiseofhis
tax
liabilityunderSec.204(A)(2)ofthisCodebyreasonoffinancialincapacity
to
pay
his
taxliability.
 
"Incaseataxpayerfilesanapplicationtocompromisethepaymentofhistaxliabilitiesonhisclaimthathisfinancialpositiondemonstratesaclearinability
to
paythe
tax
assessed,
his
applicationshallnotbeconsideredunlessanduntilhewaivesinwritinghisprivilegeunderRepublicActNo.1405,RepublicActNo.6426,otherwiseknownastheForeignCurrencyDepositActofthePhilippines,orunderothergeneralorspecialIaws,andsuchwrover
shall
constitutetheauthorityofthe
Commissionerto
inquireintothebankdepositsofthetaxpayer."(3)Aspecifictaxpayerortaxpayerssubjectofarequestforthesupplyoftaxinformationfromaforeigntaxauthoritypursuanttoaninternationalconventionoragreementon
tax
matterstowhichthePhilippinesisasignatoryorapartyof:
Provided,
ThattheinformationobtainedfromthebanksandotherfinancialinstitutionsmaybeusedbytheBureauofInternalRevenuefortaxassessment,verification,auditandenforcementpurposes.
"In
caseofarequestfromaforeign
tax
authorityfortaxinformationheldbybanksandfinancialinstitutions,theexchangeofinformation
shall
bedone
in
asecuremannertoensureconfidentialitythereofundersuchrulesandregulationsasmaybepromulgatedbytheSecretaryofFinance,uponrecommendationoftheCommissioner."TheCommissionershallprovidethetaxinformationobtainedfrombanksandfinancialinstitutionspursuant
to
aconventionoragreementuponrequestoftheforeigntaxauthoritywhensuchrequestingforeigntaxauthorityhasprovidedthefollowinginformationtodemonstratetheforeseeablerelevanceoftheinformationtotherequest:"(a)Theidentityofthepersonunderexaminationorinvestigation;

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