SEC to share company data with BIR

THE SECURITIES and Exchange Commission (SEC) will initiate sharsubmit his details to the Bureau of Internal Revenue (BIR) to assist the governmentto improve tax collection.

The SEC has signed a data-sharing memorandum of understanding with the BIR, allowing the latter access to documents necessary for tax assessments and collections.

On the other hand, the BIR will provide the SEC with Tax Identification Number (TIN) verification for the latter’s online digital services to enhance capital market supervision.

“On our part, we have noticed a number of founders who have a fake TIN. That is grounds for withdrawal. We’re trying to close gaps. We must be alert,” SEC Chairman Emilio B. Aquino said at the launch of the agency’s new digital services.

The SEC is also in discussions with the Bureau of Customs to use company data to improve the collection of customs duties, excise taxes and other taxes.

The committee also wants to work with the Bureau of Immigration to monitor foreigners doing business in the country, and with the Philippine Government Electronic Procurement System to look into the legitimacy of companies participating in the government’s procurement process.

The Ministry of Finance is counting on better tax administration and increasing non-tax revenues, such as privatizing state assets, to meet revenue collection targets.

On Wednesday, the SEC launched five new digital platforms, namely Swift Corporate And Other Records Exchange (SCORE) protocol, Zuper Easy Registration Online (ZERO), Electronic Submission Authentication Portal (eSAP), Foreign Investments Registration Station (FIRST) green lane unit and electronic application for ModiFication of the entity name and details (eAMEND).

The SCORE Protocol will accommodate requests from partner regulatory and enforcement agencies, such as the BIR, for corporate information such as articles of incorporation, general information sheets, and audited financial statements.

“We have to continuously improve. If we are not quick enough to make changes, we will be left behind. Our neighbors are adopting and utilizing technology,” Mr. Aquino said.

“We use digital technologies not only to improve the ease of doing business. Ultimately, the SEC is leveraging digital technologies to promote sustainability and help accelerate the achievement of the Sustainable Development Goals,” he added.

SEC ZERO is a service under the Electronic Simplified Processing of Application for Registration of Company (eSPARC) that allows applicants to digitally authenticate forms through the eSAP.

The eSAP platform, integrated with SEC ZERO, eliminates the requirement to affix Submit wet signatures and paper copies of the registration requirements. The platform uses one-time passwords for the electronic authentication of documents.

The SEC ZERO and eSAP platforms allow applicants to register their companies anytime, anywhere.

The committee also established the FIRST green lane unit to attract more foreign investment. The registration, licensing and amendment of foreign entities, as well as foreign and multinational companies, will be done through the green lane.

“Applications from foreign owners no longer need to be queued with all other applications in the online registry as they are redirected to a dedicated lane of the SEC FIRST unit, making processing time more efficient,” the SEC said.

The eAMEND online portal will be responsible for processing and approving payment for the changes to companies’ applications. It will also issue a digital copy of the certificateFicate of change of companies. — RMDOchave