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Philippines Finance Dept, SEC To Share Data

by Mary Swire, Tax-News.com, Hong Kong

28 November 2014


The Philippines Department of Finance and the nation's Securities and Exchange Commission have signed an agreement allowing both parties to institutionalize corporate data sharing and information exchange, thereby improving tax compliance.

As part of its undertaking, the SEC will share electronic copies of all basic company information and financial data it receives. It is the repository of general registration information, audited financial statements, and other periodic and/or event-driven reports and disclosures, which are required under the country's Securities Regulation Code and other SEC-administered laws and regulations.

The DOF intends to utilize the information to enhance policy formulation, research, risk analysis, and the tax audit profiling of businesses. Finance Secretary Cesar Purisima said that the "effective management of information is critical to DOF's mission to enable the country to stand on a stronger fiscal position."

The joint undertaking is being supported by the USAID-funded project Facilitating Public Investment (FPI), which is working to expand "fiscal space" for public and private investment in the Philippines through higher tax revenue and public expenditure reforms.

TAGS: compliance | Finance | tax | investment | business | tax compliance | law | Philippines | ministry of finance | regulation

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