Summary
RR No. 10-2018 amends Section 10 of RR No. 10-2010 (Exchange of Information Regulations) on notice to taxpayers.
Key points
- Written notice. The Commissioner notifies the taxpayer in writing when a foreign tax authority requests information held by financial institutions under an international convention or agreement on tax matters.
- Timing. The notice is given within sixty (60) days following the Commissioner’s transmittal to the requesting treaty partner of all the information requested from and provided by the financial institution.
Who is affected
- Taxpayers whose financial institution information is requested by a foreign tax authority
Deadlines and effectivity
- Notice: within sixty (60) days following transmittal of the information
Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.
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