PH to join tax info sharing plan | Inquirer Business

PH to join tax info sharing plan

By: - Reporter / @bendeveraINQ
/ 03:08 AM October 26, 2015

THE PHILIPPINES will take part in a global initiative allowing automatic inter-government exchange of taxpayers’ detailed financial information.

Commissioner Kim S. Jacinto-Henares of the Bureau of Internal Revenue (BIR) told the Inquirer last week that the Philippines was one of the 90 countries that would implement the “Standard for Automatic Exchange of Financial Account Information in Tax Matters” or Common Reporting Standard (CRS) spearheaded by the Organization for Economic Cooperation and Development (OECD).


The OECD said more than 50 countries “have committed to a specific and ambitious timetable leading to the first automatic information exchanges in 2017.”

In the case of the Philippines, the CRS would be implemented by 2018, Henares said.


“We have an ongoing pilot project with the Australian Taxation Office aiding to help prepare us to be ready for it,” the BIR chief disclosed.

According to the OECD, the CRS “calls on governments to obtain detailed account information from their financial institutions and exchange that information automatically with other jurisdictions on an annual basis.”

This month, the OECD launched a web portal on automatic exchange of information, which provides a comprehensive overview of inroads made as far as the CRS initiative is concerned.

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: automatic inter-government exchange of taxpayers’ detailed financial information, BIR, Business, Common Reporting Standard, Kim Henares, OECD, Organization for Economic Cooperation and Development, revenue
For feedback, complaints, or inquiries, contact us.

© Copyright 1997-2022 | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.