BIR REVENUE REGULATIONS NO. 3-2014

: The main purpose is to amend Section 10 of Revenue Regulations No. 10-2010 concerning the exchange of information between the Philippines and foreign tax authorities.
: A taxpayer must be notified in writing within sixty (60) days from receipt of the request by the Commissioner.
: If notification within sixty (60) days would undermine the chances of success of the investigation conducted by the foreign tax authority, the notification period can be extended to a maximum of six (6) calendar months from receipt of the request.
: Section 244 in relation to Section 4 of the National Internal Revenue Code of 1997, as amended, empower the issuance.
: It covers the rules concerning the exchange of information held by financial institutions pursuant to international conventions or agreements on tax matters.
: All revenue issuances or parts thereof inconsistent with these regulations are repealed, amended, or modified accordingly.
: The regulations took effect immediately upon issuance.
: The Secretary of Finance, Cesar V. Purisima, and the Commissioner of Internal Revenue, Kim S. Jacinto-Henares, signed and approved the regulations.
: They form the legal basis for foreign tax authorities to request exchange of information held by Philippine financial institutions.