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SEC pledges more data-sharing cooperation to improve tax effort

THE Securities and Exchange Commission (SEC) pledged to pursue further data-sharing initiatives as its contribution to improving tax administration, after the Department of Finance (DoF) called on agencies to help make efficient taxation a driver of economic growth.

During a meeting with SEC officials on Jan. 30, Finance Secretary Ralph G. Recto urged the corporate regulator to expand its data sharing with the Bureau of Internal Revenue (BIR).

Currently, the SEC and BIR have data-sharing agreements to address tax evasion and money laundering.

“As we push for the development of the capital markets and the business sector, we will also closely work together with the BIR and other government agencies in improving tax administration and implementing other reforms to ensure inclusive and sustainable economic growth,” SEC Chairman Emilio B. Aquino said in a statement.

Both the SEC and the BIR are overseen by the DoF.

Meanwhile, Mr. Recto told the SEC that the DoF supports the corporate regulator’s digitalization and adoption of advanced technology to make company registration and regulatory compliance more convenient and efficient.

He also backed the SEC in implementing reforms to make the Philippine capital markets more accessible to both issuers and investors, intensify financial consumer protection through enhanced supervision and regulation of the financial system, advance financial literacy, and promote sustainability.

Mr. Recto is aiming to collect P4.3 trillion worth of revenue for the government this year, of which P3.05 trillion will be generated by the BIR, about P1 trillion fby the Bureau of Customs, and P300 billion by the National Treasury. — Revin Mikhael D. Ochave