REPUBLIC ACT NO. 10021 -EXCHANGE OF INFORMATION BY THE BUREAU OF INTERNAL REVENUE ON INTERNATIONALLY
Category: Tax Remedies
REPUBLIC ACT NO. 10021
EXCHANGE OF INFORMATION BY THE BUREAU OF INTERNAL REVENUE ON INTERNATIONALLY-AGREED TAX STANDARDS
Salient Points
>The Commissioner can now inquire into bank deposits and other related information held by financial institutions when “A specific taxpayer or taxpayers subject of a request for supply of tax information from a foreign tax authority pursuant to an international convention or agreement on tax matters to which the Philippines is a signatory or a party”. The information may be used by the BIR for tax assessment, verification, audit, and enforcement purposes. The exchange of information shall be done in a secure manner to ensure confidentiality.
>The provision of information to a foreign tax authority requires that the requesting foreign tax authority has provided relevant information such as the identity of the taxpayer, the tax purpose, statement that the foreign authority has exhausted all means, etc.
>If the subject of the request are income tax returns, the same shall be open to inspection upon the order of the President of the Philippines.
Newer Philippine Law Resources:
- PHILIPPINE BRITISH ASSURANCE COMPANY, INC. vs. BUREAU OF CUSTOMS- Customs Bonds -
- REPUBLIC ACT NO. 9503 - AMENDMENT TO THE Court of Tax Appeals LAW -
- RIZAL COMMERCIAL BANKING CORPORATION vs. CIR- Protest Tax Assessments -
- CITY OF MANILA vs. COCA-COLA BOTTLERS PHILIPPINES, INC.- CTA, Double Taxation -
- FISHWEALTH CANNING CORPORATION vs. CIR- Court of Tax Appeals -
Additional Law Reading:
- CIR vs. METRO STAR SUPERAMA, INC.- Pre-Assessment Notice -
- COMMISSIONER OF INTERNAL REVENUE VS. AQUAFRESH SEAFOODS, INC. - Fair Market Value -
- COMMISSIONER OF INTERNAL REVENUE vs. AICHI FORGING COMPANY OF ASIA, INC.- Tax Refund -
- CIR vs. KUDOS METAL CORPORATION- Waiver of the Statute of Limitations -
- COMMISSIONER OF INTERNAL REVENUE vs. ENRON SUBIC POWER CORPORATION - Disputed Assessment -
Popular in BATASnatin:
- ALLIED BANKING CORPORATION vs. CIR- Formal Letter of Demand, Tax Assessment - - 294 Hits
- CITY OF MANILA vs. COCA-COLA BOTTLERS PHILIPPINES, INC.- CTA, Double Taxation - - 276 Hits
- PHILIPPINE BRITISH ASSURANCE COMPANY, INC. vs. BUREAU OF CUSTOMS- Customs Bonds - - 267 Hits
- LUCAS ADAMSON vs. COURT OF APPEALS- Deficiency Tax Assessment - - 242 Hits
- COMMISSIONER OF INTERNAL REVENUE vs. AICHI FORGING COMPANY OF ASIA, INC.- Tax Refund - - 227 Hits
REPUBLIC ACT NO. 10021 -EXCHANGE OF INFORMATION BY THE BUREAU OF INTERNAL REVENUE ON INTERNATIONALLY
Category: Tax Remedies
REPUBLIC ACT NO. 10021
EXCHANGE OF INFORMATION BY THE BUREAU OF INTERNAL REVENUE ON INTERNATIONALLY-AGREED TAX STANDARDS
Salient Points
>The Commissioner can now inquire into bank deposits and other related information held by financial institutions when “A specific taxpayer or taxpayers subject of a request for supply of tax information from a foreign tax authority pursuant to an international convention or agreement on tax matters to which the Philippines is a signatory or a party”. The information may be used by the BIR for tax assessment, verification, audit, and enforcement purposes. The exchange of information shall be done in a secure manner to ensure confidentiality.
>The provision of information to a foreign tax authority requires that the requesting foreign tax authority has provided relevant information such as the identity of the taxpayer, the tax purpose, statement that the foreign authority has exhausted all means, etc.
>If the subject of the request are income tax returns, the same shall be open to inspection upon the order of the President of the Philippines.
Newer Philippine Law Resources:
- PHILIPPINE BRITISH ASSURANCE COMPANY, INC. vs. BUREAU OF CUSTOMS- Customs Bonds -
- REPUBLIC ACT NO. 9503 - AMENDMENT TO THE Court of Tax Appeals LAW -
- RIZAL COMMERCIAL BANKING CORPORATION vs. CIR- Protest Tax Assessments -
- CITY OF MANILA vs. COCA-COLA BOTTLERS PHILIPPINES, INC.- CTA, Double Taxation -
- FISHWEALTH CANNING CORPORATION vs. CIR- Court of Tax Appeals -
Additional Law Reading:
- CIR vs. METRO STAR SUPERAMA, INC.- Pre-Assessment Notice -
- COMMISSIONER OF INTERNAL REVENUE VS. AQUAFRESH SEAFOODS, INC. - Fair Market Value -
- COMMISSIONER OF INTERNAL REVENUE vs. AICHI FORGING COMPANY OF ASIA, INC.- Tax Refund -
- CIR vs. KUDOS METAL CORPORATION- Waiver of the Statute of Limitations -
- COMMISSIONER OF INTERNAL REVENUE vs. ENRON SUBIC POWER CORPORATION - Disputed Assessment -
Popular in BATASnatin:
- ALLIED BANKING CORPORATION vs. CIR- Formal Letter of Demand, Tax Assessment - - 294 Hits
- CITY OF MANILA vs. COCA-COLA BOTTLERS PHILIPPINES, INC.- CTA, Double Taxation - - 276 Hits
- PHILIPPINE BRITISH ASSURANCE COMPANY, INC. vs. BUREAU OF CUSTOMS- Customs Bonds - - 267 Hits
- LUCAS ADAMSON vs. COURT OF APPEALS- Deficiency Tax Assessment - - 242 Hits
- COMMISSIONER OF INTERNAL REVENUE vs. AICHI FORGING COMPANY OF ASIA, INC.- Tax Refund - - 227 Hits
BATASnatin The Firm
Latest @ Forums
-
-
- Shema Corporation legal ba?
- In General Discussion
- 1 week ago
-
-
-
- foreclosed property, i need guides please help me
- In I Need A Lawyer!
- 2 weeks, 4 days ago
-
-
-
- i cant access even the demo
- In Law MCQuizzer
- 2 weeks, 4 days ago
-
Popular
- 1
- 2
- 3
SUGGESTED ANSWERS …
ANSWERS TO BAR EXAMINATION QUESTIONS IN POLITICAL LAW ARRANGED BY TOPIC (1990 – 2006) Edited and Arranged by:Silliman University College of Law Batch 2005Updated by:DondeeD’ BAR-Retake 2007 From the ANSWERS TO BAR EXAMINATION QUESTIONS by the UP LAW COMPLEX & PHILIPPINE ASSOCIATION OF LAW SCHO...
Read moreOral Defamation l S…
Kinds and Definition of Slander or Oral Defamation Definition: Speaking of base and defamatory words which tend to prejudice another in his reputation, office, trade, business or means of livelihood Two kinds of oral or verbal defamation: (1) Grave Slander (2) Simple Slander A. Factor...
Read moreArticle I – THE NAT…
Article I – THE NATIONAL TERRITORYThe national territory of the Philippines comprises:1) the Philippine archipelago;2) all other territories over which the Philippines has sovereignty or jurisdictionPHILIPPINE ARCHIPELAGO – that body of water studded with islands which is delineated in the Treaty of...
Read moreRandom
- 1
- 2
- 3
NO TIME LIMIT TO FI…
NO TIME LIMIT TO FILE PETITION TO ANNOTATE A DEED OF SALE> No limitation or period is fixed for filing a petition to annotate a deed of sale at the back of a certificate of title> If any person claims that a person registered a deed of sale can no lo...
Read moreTy v. Filipinas Com…
Ty v. Filipinas Compañia de Seguros - Insurance Policy 17 SCRA 364 Facts: > Ty was employed as a mechanic operator by Braodway Cotton Factory at Grace Park, Caloocan. > In 1953, he took personal accident policies from 7 insurance companies (6...
Read moreTyphoon as Fortuito…
Is the occurrence of a typhoon a fortuitous event? General Rule: Yes, if all the elements of a natural disaster or calamity concur. This holds true especially if the vessel was seaworthy at the time it undertook that fateful voyage and that it w...
Read moreFeatured
- 1
- 2
- 3
Right to Strike
SSSEA v. CA – right to strike – At present, in the absence of any legislation in government employees the right to strike, recognizing their right to do so, or regulating the exercise of such right, they are prohibited form striking by express prohi...
Read morePeople vs. Tolentin…
G.R. No. 176385, February 26, 2008 FACTS: On 13 February 1998, three separate informations of Murder and two counts of Frustrated Murder were filed before the RTC against appellants, together with accused Jimmy Trinidad and Arnel Trinidad. The murd...
Read morePerfection Of A Con…
In Oesmer, Jr., et al. v. Paraiso Dev. Corp., G.R. No. 157493, February 5, 2007, a contract to sell was entered into by the owners of a real property. They affixed their signatures but contested its validity later contending that their co-owner had n...
Read more