Is the BIR going after your bank deposits, too? ANC – Sun, Feb 9, 2014 A new agency regulation issued by the Philippine government’s largest revenue source violates the bank secrecy law, the tax code, and could prompt foreign investors to leave the country. In any case, its not just foreign investors who may find this new development somewhat confusing, to say the least. Valenzuela Representative Magtanggol Gunigundo issued this warning, citing a new regulation issued by the Bureau of Internal Revenue (BIR). Revenue Regulation 2-2014 involves “objectionable provisions,” Guinigundo said, adding that certain sections in BIR tax forms require taxpayers to declare interest earned from bank deposits. In older tax declaration forms, the entries are “optional, not mandatory,” said Gunigundo, who earlier proposed to give a lifetime tax exemption for boxing champion and fellow lawmaker Manny Pacquiao. “The new regulation violates the tax code itself,” he said. “You are requiring the filer to declare what are you are not supposed to do directly.” anc.yahoo/news/new-bir-regulation-violates-bank-secrecy--tax-code--lawmaker-says-094746297.html
Posted on: Fri, 14 Feb 2014 19:43:20 +0000
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