THE SECURITIES and Exchange Commission (SEC) will start sharing its data with the Bureau of Internal Revenue (BIR) to help the government improve tax collections.
The SEC signed a memorandum of agreement on data sharing with the BIR, which will allow the latter to access documents needed for tax assessments and collections.
On the other hand, the BIR will provide the SEC with tax identification number (TIN) verification for the latter’s online digital services to improve monitoring of the capital market.
“From our side, we have noticed a number of incorporators that have fake TIN. That is a ground for revocation. We’re trying to plug holes. We should be on our toes,” SEC Chairperson Emilio B. Aquino said during the launch of the agency’s new digital services.
The SEC is also in talks with the Bureau of Customs to use corporate data in improving the collection of Customs duties, excise and other taxes.
The commission is also eyeing to collaborate with the Bureau of Immigration to monitor foreign nationals doing business in the country, and with the Philippine Government Electronic Procurement System to look at the legitimacy of corporations participating in the government procurement process.
The Finance department is banking on improved tax administration and ramping up nontax revenues such as privatizing state assets to meet its revenue collection targets.
On Wednesday, the SEC launched five new digital platforms, namely the Swift Corporate And Other Records Exchange (SCORE) protocol, Zuper Easy Registration Online (ZERO), Electronic Submission Authentication Portal (eSAP), Foreign Investments Registration Station (FIRST) green lane unit, and Electronic Application for Modification of Entity Name and Data (eAMEND).
The SCORE protocol will cater to the requests of partner regulatory and enforcement agencies, such as the BIR, for company information such as articles of incorporation, general information sheet and audited financial statements.
“We have to improve constantly. If we are not fast enough to adopt changes, we will be left behind. Our neighboring countries are adopting and leveraging technology,” Mr. Aquino said.
“We are harnessing digital technologies not only to improve the ease of doing business. Ultimately, the SEC is harnessing digital technologies to champion sustainability and help accelerate the attainment of Sustainable Development Goals,” he added.
SEC ZERO is a service under the Electronic Simplified Processing of Application for Registration of Company (eSPARC) that lets applicants digitally authenticate forms via the eSAP.
The eSAP platform, integrated with SEC ZERO, removes the requirement to affix wet signatures and submit hard copies of registration requirements. The platform uses one-time passwords for the electronic authentication of documents.
The SEC ZERO and eSAP platforms allow applicants to register their companies anywhere any time.
The commission also established the FIRST green lane unit to entice more foreign investments. The registration, licensing and amendment of foreign entities, as well as foreign and multinational companies will go through the green lane.
“Foreign-owned applications will no longer have to be queued together with all other applications in the online registry, as they will be redirected to a special lane of the SEC FIRST unit, making the processing time more efficient,” the SEC said.
The eAMEND online portal will be in charge of processing and approving the payment for the amendments in applications of corporations. It will also issue a digital copy of the certificate of amendment of corporations. — R.M.D.Ochave