The Securities and Exchange Commission (SEC) has agreed with the Bureau of Internal Revenue (BIR) to share data that would help improve corporate tax collection.
Under the data sharing agreement signed by the two agencies on Wednesday, the SEC will provide supporting documents for tax assessments, while the BIR will provide the tax identification number verification for better identity validation.
“The partnership will support the implementation of the government’s 2024 National Tax Campaign, which aims to generate funds through timely payment of correct taxes to drive economic recovery and development,” the SEC said in a statement.
READ: BIR: Online sellers must now pay withholding tax
The partnership with the BIR comes as part of the SEC’s launch of the Swift Corporate and Other Records Exchange (Score) Protocol project.
Through Score, the commission will streamline requests of other regulatory and enforcement agencies for company information, including articles of incorporation, general information sheet and audited financial statements.
Apart from the BIR, the SEC also plans to partner with other government agencies, including the Bureau of Customs, which could “leverage corporate data to improve the collection of customs duties, excise and other taxes.”
More collaboration
The commission also hinted at a possible collaboration with the Bureau of Immigration to monitor foreigners doing business in the Philippines, as well as the Philippine Government Electronic Procurement System to “ensure the legitimacy” of companies joining the government procurement process.
Earlier, Finance Secretary Ralph Recto urged more cooperation between the SEC and the BIR, an attached agency of the Department of Finance, to help the government rake in more revenues.
Total government revenues last year increased by 7.86 percent to P3.82 trillion, data from the Bureau of Treasury showed. This is 2.52 percent above the government’s P3.73-trillion target for the year.
Score was launched on Wednesday along with several other digital services as the SEC seeks to minimize paper use and promote digitalization.
READ: BIZ BUZZ: ‘Reverse’ SEC digitalization hit
The digital initiatives launched were the SEC Zuper Easy Registration Online (Zero), Electronic Submission Authentication Portal (eSAP), SEC Foreign Investments Registration Station (First) Green Lane Unit and the Electronic Application for Modification of Entity Name and Data (eAMEND).
“Ultimately, the SEC is harnessing digital technologies to champion sustainability and help accelerate the attainment of the Sustainable Development Goals,” SEC chair Emilio Aquino said.
According to the commission, eSAP is integrated with SEC Zero for digital authentication of documents. These will have the same validity as an original certificate to eliminate the need for physical signing and notarization of documents, the regulator added.
At the same time, SEC First Green Lane Unit is expected to help boost foreign investments in the country by providing foreign applicants a separate online platform for registration.
Online acceptance, processing and approval of payment for amendment applications of corporations, meanwhile, will be done through eAMEND. INQ