{"id":19829,"date":"2024-07-19T03:04:54","date_gmt":"2024-07-19T03:04:54","guid":{"rendered":"https:\/\/energybuzz.ph\/staging\/6915\/data-sharing-deal-to-help-bir-go-after-big-time-tax-evaders\/"},"modified":"2024-07-19T03:04:54","modified_gmt":"2024-07-19T03:04:54","slug":"data-sharing-deal-to-help-bir-go-after-big-time-tax-evaders","status":"publish","type":"post","link":"https:\/\/energybuzz.ph\/staging\/6915\/data-sharing-deal-to-help-bir-go-after-big-time-tax-evaders\/","title":{"rendered":"Data-sharing deal to help BIR go after \u2018big-time\u2019 tax evaders"},"content":{"rendered":"
\n

By Revin Mikhael D. Ochave, <\/b>Reporter<\/i><\/p>\n

THE BUREAU of Internal Revenue (BIR) <\/span>vowed to run after big-time corporate tax <\/span>evaders as the agency can now access documents f<\/span>iled with the Securities and Exchange Commission (SEC).<\/p>\n

\u201cThe 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 that of ghost receipts and corporate tax evasion,\u201d BIR Commissioner Romeo D. Lumagui, Jr. said in a statement.<\/p>\n

Under a data-sharing deal, the BIR will have access to the SEC\u2019s Swift Corporate and Other Records Exchange protocol where it can check all the corporate documents of any SEC-registered taxpayer in real time.<\/p>\n

The BIR can look into the documents, such as articles of incorporation and annual f<\/span>inancial statements, that are crucial to corporate tax fraud investigation or audit.<\/p>\n

For its part, the BIR will provide SEC with a tax identification number verification for the latter\u2019s online digital services to enhance its monitoring of the capital market.<\/span><\/p>\n

Analysts said the new data-sharing deal between the BIR and SEC will help boost state revenues as the former ramps up its e<\/span>f<\/span>forts to go after tax evaders. <\/span><\/p>\n

\u201cBy granting the BIR access to essential documents such as articles of incorporation and audited <\/span>f<\/span>inancial statements, this initiative aims to streamline tax assessments and combat tax evasion. Companies will face stricter compliance requirements, while the SEC\u2019s digital platforms simplify document submission and authentication,\u201d Globalinks Securities and Stocks, Inc. Trader Mark V. Santarina said in a Viber message.<\/span><\/p>\n

\u201cThe ease of data access for regulatory bodies necessitates accurate f<\/span>ilings to avoid penalties,\u201d he added.<\/p>\n

AP Securities, Inc. Senior Research Analyst Francis Ferdinand D. Subido said this will result in increased transparency in the corporate sector.<\/p>\n

\u201cCompany f<\/span>inancials will better ref<\/span>lect the impact of taxes paid to their assets, especially to their cash,\u201d he told BusinessWorld<\/i> in a Viber message.<\/p>\n

\u201cBefore, since companies submit another copy of their f<\/span>inancial statements to the tax collectors, there is a misalignment in the timing of taxes paid to authorities versus the income tax expense recorded during the f<\/span>inancial reporting period. This is why we get deferred tax assets and liabilities,\u201d he said.<\/p>\n

COL Financial Group, Inc. Chief Equity Strategist April Lynn Lee-Tan said in a Viber message that the data-sharing agreement makes it easier for the BIR to identify which companies are not paying the correct taxes.<\/p>\n

\u201cThe BIR would need to look at a company\u2019s financials to know how much taxes need to be paid,\u201d she added.<\/p>\n

The government loses around P500 billion annually due to tax evasion, the BIR said last year.<\/p>\n

\u201cThis (data-sharing deal) can boost government revenue and promote fairer competition within the Philippine economy, but both agencies need to address data security, standardization, and staff training to ensure its effectiveness,\u201d Security Bank Corp. Chief Economist Robert Dan J. Roces said in a Viber message.<\/p>\n

Mr. Subido said the data-sharing agreement will also support the government\u2019s <\/span>push to improve tax administration.<\/span><\/p>\n

\u201cGaining access to the financial statements will allow regulators to better understand the accounting methods that companies use. They can better get a gauge of what the true taxable income amount should be,\u201d he said.<\/p>\n

\u201cThis might even attract more businesses to the Philippines, because as we know, the amount of red tape here is something that has been keeping businesses away,\u201d he added.<\/p>\n

Mr. Santarina said the data-sharing initiative will also increase conf<\/span>idence in the local capital market.<\/p>\n

\u201cThe SEC\u2019s collaboration with other agencies underscores the importance of adhering to regulatory standards, enhancing comprehensive business activity monitoring and potentially boosting investor conf<\/span>idence in the capital markets industry,\u201d he said.<\/p>\n

Ensuring the ease of making tax payments would boost compliance among taxpayers, said Benedicta Du-Baladad, founding partner and chief executive off<\/span>icer of Du-Baladad and Associates.<\/p>\n

\u201cWhen taxpayers feel that taxes are fair, clear, easy to comply with and consistent in its application, there is a natural attraction for taxpayers to voluntarily comply without the BIR going after them,\u201d she said in a Viber message.<\/span><\/p>\n

The passage of Republic Act No. 11976 or the Ease of Paying Taxes law would also help improve the digitalization and taxpayer services of the BIR. \u2014 with<\/i> Beatriz Marie D. Cruz<\/b><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

THE BUREAU of Internal Revenue (BIR) vowed to run after big-time corporate tax evaders as the agency can now access documents filed with the Securities and Exchange Commission (SEC).<\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[18816,102,6235,14644,18815,2542,18817,1543,3153],"class_list":["post-19829","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-big-time","tag-after","tag-bir","tag-bworldonline","tag-data-sharing","tag-deal","tag-evaders","tag-help","tag-tax"],"yoast_head":"\nData-sharing deal to help BIR go after \u2018big-time\u2019 tax evaders - Energy Buzz<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/energybuzz.ph\/data-sharing-deal-to-help-bir-go-after-big-time-tax-evaders\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Data-sharing deal to help BIR go after \u2018big-time\u2019 tax evaders - 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