Summary
RMC No. 53-2004 clarifies whether minors opening a bank account can be issued a Taxpayer Identification Number (TIN). The Bureau’s opinion is that they cannot.
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Key points
- Legal basis. The Bureau’s Legal Division cited Article 37 of the New Civil Code, under which minors lack juridical capacity. They cannot enter into contractual relations or be the subject of legal relations.
- Conclusion. Since the law discourages and disallows minors from managing their own property, the Bureau is of the opinion that minors cannot be issued a TIN.
Who is affected
- Minors opening a bank account
Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.
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