BIR inks data sharing accord with SEC

The Bureau of Internal Revenue (BIR) has signed agreements with the Securities and Exchange Commission (SEC) to allow the taxman to go after corporate tax evaders.

In a news release on Thursday, the BIR said it signed a memorandum of agreement (MOA) and a data sharing agreement (DSA) with the SEC on July 17.

The two accords aim to facilitate streamlined information exchanges between the two agencies.

With its partnership with the SEC, the BIR said it will be able to focus on big-time corporate tax evaders through the documents that will be provided by the corporate regulator.

"The BIR will maximize our partnership with the SEC by running after big-time corporate tax evaders. This sharing of information between the agencies will be used to investigate large-scale tax fraud activities perpetrated by companies, such as ghost receipts and corporate tax evasion,” said BIR Commissioner Romeo Lumagui Jr.

The BIR, in particular, will have access to the SEC’s Swift Corporate and Other Records Exchange (SCORE) Protocol.

The taxman said the SCORE Protocol will allow it to have access to an online portal where it can check for all the corporate documents of any SEC-registered taxpayer.

The BIR said the online portal allows for immediate information-sharing of corporate documents that are crucial to a corporate tax fraud investigation or audit.

The MOA and DSA allow for the sharing of information that will benefit their respective policies and programs, the taxman said. —VBL, GMA Integrated News