Amendment to Exchange of Info Rules

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BIR REVENUE REGULATIONS NO. 3-2014: Amendment to Exchange of Info Rules

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Title Supreme Court: Amendment to Exchange of Info Rules

Law: Bir Revenue Regulations No. 3-2014

Decision Date: Feb 11, 2014

The amendment to Section 10 of Revenue Regulations No. 10-2010 mandates that taxpayers be notified within 60 days of a foreign tax authority's request for information from financial institutions, unless such notification could jeopardize the investigation, in which case notification is extended to six months.

tax regulations

revenue code

exchange of

Notification to Taxpayers Regarding Foreign Requests

The Commissioner of Internal Revenue must notify the taxpayer in writing when a foreign tax authority requests exchange of information.
Notification must be given within sixty (60) days from receipt of the foreign request.
An exception allows for notification within six (6) calendar months if earlier notification could jeopardize the success of the foreign tax investigation.

Repealing Provisions

Any previous revenue issuances or parts thereof inconsistent with these amended Regulations are repealed, amended, or modified accordingly.

Effectivity

These Regulations take effect immediately upon issuance.

END