BIR Orders Banks to Open Accounts of 'Tax Cheats'

Manila Bulletin, October 6, 2010 | Go to article overview

BIR Orders Banks to Open Accounts of 'Tax Cheats'


MANILA, Philippines - The Bureau of Internal Revenue (BIR) on Wednesday issued a regulation that requires banks and other financial institutions to open the accounts of selected taxpayers suspected of cheating on their tax payments.Finance Secretary Cesar Purisima signed the guidelines based on the recommendation of BIR Commissioner Kim S. Jacinto-Henares.The still unnumbered regulations implements Republic Act 10021, allowing the BIR to provide foreign tax authorities with information they are seeking on bank deposits of individual and corporate taxpayers with dubious financial transactions, including money laundering. The BIR is not, however, precluded from using the same confidential information furnished by banks in going after tax cheats.Section 3 of the regulation states that "once information is gathered pursuant to a request for exchange of information under the international convention or agreement on tax matters, the BIR is likewise authorized to use for tax assessment, verification, audit, and enforcement purposes, any such information obtained from financial institutions." It further declares that "for the purpose of exchanging information pursuant to an international agreement on tax matters, the BIR commissioner is hereby designated as the competent authority. Any such exchange of information shall not constitute unlawful divulgence of information under the Tax Code of 1997."It imposes fines of up to P100,000 and imprisonment of not more than five years for "any officer, owner, agent, manager, director, or officer-in-charge of a financial institution that willfully refuses to supply the required information. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

BIR Orders Banks to Open Accounts of 'Tax Cheats'
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Author Advanced search

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.