Summary
RR No. 3-2014 amends Section 10 of RR No. 10-2010 (“Exchange of Information Regulations”) on notifying a taxpayer of a foreign tax authority’s information request.
CollapseExpand
Key points
- Notice within sixty days. The Commissioner must notify the taxpayer in writing, within sixty (60) days from receipt of the request, that a foreign tax authority is asking for information held by financial institutions under an international convention or agreement on tax matters.
- Longer period. If notice within that period would undermine the chances of success of the requesting authority’s investigation, the taxpayer is notified within six (6) calendar months from receipt of the request.
Who is affected
- Taxpayers whose information held by financial institutions is requested by a foreign tax authority
Deadlines and effectivity
- Notice within sixty (60) days from receipt of the request
- Or within six (6) calendar months if earlier notice would undermine the investigation
- Issued February 11, 2014
Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.
Copies of BIR issuances are hosted here for reference. For the official version, check bir.gov.ph. Summaries by Tax Resources PH are not a substitute for the full text or professional advice.