Summary
RMC No. 34-2023 publishes the full text of the Data Sharing Agreement (DSA) between the BIR and the Securities and Exchange Commission, under Republic Act No. 10173 and NPC Circular No. 16-02.
Key points
- Data shared. The SEC shares data on corporations and other registered or licensed entities, including beneficial ownership information, which may include personal and sensitive personal information. The SEC may in turn request intelligence information from the BIR, provided the request does not violate any law, rule or regulation.
- Data Protection Officers. For the SEC: the Commission Secretary, the Director of the Enforcement and Investor Protection Department, and the Assistant Director of its Anti-Money Laundering Division. For the BIR: the Deputy Commissioner for Information Systems Group.
- Confidentiality and security. The BIR uses the shared data only for its lawful mandate and in confidence. Both parties keep safeguards, may not disclose data to unauthorized parties without prior written consent unless exempted by law, and must notify the other party in writing of any breach right after discovery.
- Term and termination. The DSA is valid for five (5) years from signing unless both parties agree in writing to pre-terminate it. After termination, data remains with the BIR unless the agencies agree otherwise, confidentiality duties continue, and data must be destroyed, deleted or returned within thirty (30) days when the other party instructs.
- Disputes and data subject rights. Philippine law governs. Disputes go to amicable settlement first, then, after thirty (30) days without agreement, to the ADR Rules for disputes between National Government Agencies. Data subjects keep their rights under the Data Privacy Act.
Who is affected
- BIR
- Securities and Exchange Commission
- Data subjects whose information is shared
Deadlines and effectivity
- DSA valid five (5) years from signing
- BIR information duty: one (1) week upon signing
- Return or deletion of data: thirty (30) days from termination
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.