BIR wants bank secrecy law repealed

[dexlimp]

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The Bureau of Internal Revenue (BIR) wants the law on bank secrecy repealed as this hinders the government’s anti-corruption campaign and may soon affect the country’s economic development.

BIR Commissioner Kim S. Jacinto-Heneres said the removal of Republic Act 1405, a law protecting the secrecy of bank deposits, is inevitable as several countries, particularly those developed nations like the United States, have winded down their secretive policy on bank records.

“Sooner or later, we have to remove that bank secrecy law for tax purposes, because globally that will be a requirement.

That’s the movement in the OECD and the US — all of them are requiring that there’s transparency in data, including bank data,” Jacinto-Henares told reporters.

OECD, which stands for Organization for Economic Co-operation and Development, is an elite group of rich and developed nations that helps governments in tackling economic, social and governance challenges of a globalized economy.

“Whether we will like it or not, eventually, we will get to that point [where there’s bank data transparency]. Otherwise, we will be blacklisted as a country, so our economic development will be affected by it,” Jancinto-Henares said.

But Jacinto-Henares admitted that the removal of the bank secretary law is currently a wishful thinking and will not happen during President Aquino’s term as BIR knows that several groups would block such a proposal.

Aside from the country’s compliance with international standard, Jacinto-Henares also said that transparency on bank record will boost the government’s tax collections as BIR will have access to assess a person’s real income based on bank accounts.

“Right now with the bank secretary law, we cannot get the whole picture of a taxpayer’s income because we can’t monitor his or her bank accounts. If this law is removed, then the BIR can easily say what’s the correct taxes that need to be settled,” the tax collector chief said.

Jacinto-Henares, meanwhile, assured that the removal of bank secrecy law will not violate any person’s right to privacy.
“Bank records are only for the BIR, as far as I’m concerned I’m only talking about tax, not anything else. Only the BIR will have access,” she said.

Some business groups, however, believe that bank confidentiality is crucial in maintaining public trust in the banking system, which is an integral part of the country’s economy.

• Kulas
  All government officials should not be protected by the Bank Secrecy Law to curb corruption in our country. But foreign capital, except those which are fruits of crimes, should be protected by the Bank Secrecy Law, to avoid the flight of foreign capital from our country.
  FOI must be passed.
• Edgardo Santiago
  Okey, I am in favor of repealing the Bank Secrecy Law. But please, before that, Pnoy should certify first the FOI bill in the House of Representative. Inaamag na yun sa kanila. Ano ba ang kinatatakutan dito ng Pnoy government?
• Macky757
  It,s about time. Bank secrecy law favors only Plunderers in the government.

BIR wants bank secrecy law repealed | Manila Bulletin | Latest Breaking News | News Philippines
http://www.abs-cbnnews.com/video/bus...y-law-repealed
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of course ang una mo angal ani is ang congress jd..kaay kng mo repeal kag law, mo-agi mn jd nag congress daan..mabisto nya ila mga tinagu-an
House leaders won’t lift Bank Secrecy Law | Manila Bulletin | Latest Breaking News | News Philippines
More House members junk Henares

[psyche54]

But Jacinto-Henares admitted that the removal of the bank secretary law is currently a wishful thinking and will not happen during President Aquino’s term as BIR knows that several groups would block such a proposal.

Wishful thinking ra jud na taman. The move won't eradicate corruption. What we need is the FOI... Ang real nga habol aning henares, ang mga private citizens who aren't declaring their income accurately... People that, with all cost would lobby for this move to falter...

Unsaon man, ang mga tawo sa BIR sauna, mura man ug mga GRO.. In short, bayaran... Aw kitang mga working class citizens, way lusot kay di pa gani madawat atong sweldo, nakaltasan na daan ug tax...

[<SMILE>]

I do not think that the BIR would be suitable enough as to be an effective government branch against corruption,
ironically they even have to cleanse their ranks.
If they wish to monitor individual bank transactions they would certainly need informations from other government agencies to make it more effective. i.e. SEC to detemine legitimate or bogus corporations, NBI for investigations, etc. This is quite a sensitive endeavor for knowing each individuals worth in this country would certainly become a precursor for kidnapping and extortion etc.

It's not the people who corrupts but actually it's the crook government officials,
they should focus their attention towards that direction and not through the whole embodiment of the country's finances
both private and public.

I think this is not the solution but the transparency of the money trail from collection of taxes up to
public intended disbursements, they should show us clearly how is our taxes being spent.

[cliff_drew]

I don't agree on repealing it but rather an amendment will do by exempting all government officials and immediate families. Strict declaration of their assets and will be available for public viewing. Not only these, by giving their consents they also get the privilege to be paid with big salaries.

[reptoid]

Never going to happen. Those in power have too much to hide, especially the dynasties.

[kit_cebu]

we're in the philippines...get over it...

[voldemort]

Probably not in her lifetime.

[lhorenzoo]

Ako wa koy comment ani pauso nasad ni kim henares kay bisag ablihan pang bank account nako ang sulod daghang butlog

[cebulifer]

only the bank accounts of the government and elected officials be transparent. all their bank accounts should be listed in their SALN. if a bank account of theirs is discovered that is not listed in the SALN, then it should be seized!

[leo_trams]

Ako wa koy comment ani pauso nasad ni kim henares kay bisag ablihan pang bank account nako ang sulod daghang butlog

pila ka digits diay imong butlog boss? lol