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RMC No. 29-2010: Publishes the full text of Republic Act No. 10021 entitled “An Act to Allow the Exchange of Information by the Bureau of Internal Revenue on Tax Matters Pursuant to Internationally-Agreed Tax Standards, Amending Sections 6(F), and 270 of the National Internal Revenue Code of 1997, as Amended, and for Other Purposes”

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Summary

RMC No. 29-2010 publishes the full text of Republic Act No. 10021, which allows the BIR to exchange information on tax matters under internationally-agreed tax standards. It amends Sections 6(F) and 270 of the NIRC of 1997, as amended.

Key points

  1. Bank inquiry. The RA covers the authority of the Commissioner of Internal Revenue to inquire into bank deposit accounts and related information held by financial institutions.
  2. Foreign Tax Authority. The RA allows a Foreign Tax Authority to examine Income Tax Returns of taxpayers in the Philippines. It also covers the Commissioner’s authority to supply information at his disposal to a Foreign Tax Authority.
  3. Penalties, confidentiality and notice. The RA provides penalties for willful refusal to supply information and an obligation to keep information received confidential. It also provides for notice to taxpayers about requests for exchange of information.
  4. Legislative origin. The RA consolidates House Bill No. 6899 and Senate Bill No. 3220, passed by the House on December 15, 2009 and the Senate on December 11, 2009.

Who is affected

  • Taxpayers in the Philippines
  • Financial institutions
  • Foreign Tax Authorities

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.