Wednesday 12 December
Mar 13, 2018 @ 21:13

Dominguez wants relaxed bank secrecy rules to cover private individuals: Unfair to limit it to public officers

 

Moves to ease the country?s bank secrecy law under the proposed Package 1B of Tax Reform for Acceleration and Inclusion (TRAIN) Act would enable courts to pry into deposits only of government officials but also private individuals involved in money laundering and tax evasion.

?The bill we are supporting is for everybody but subject to suspicions, evidence of tax evasion,? Finance Secretary Carlos Dominguez III said.

?We are not limiting it to public officials. We are covering everybody. Again, subject to if they are under suspicion for money laundering, for tax evasion,? he said.

The measure in the Senate has been deliberated and Dominguez said he has received information that it would be passed by end-March this year.

The Philippines is among the few countries in the world that has a Bank Secrecy Law, known here as Republic Act (RA) 1405 or The Law on Secrecy of Bank Deposits.

The said law, approved on Sept. 9, 1955, ensures secrecy of bank deposits and prohibits bank personnel from disclosing any information about a bank account holder unless required by a court or the depositor has issued a waiver.

Aside from relaxation of the Bank Secrecy Law, Package 1B also proposes for the automatic exchange of information and granting of tax amnesty.

The measure is seen to generate around P40 billion worth of revenues this year alone. (PNA)

Please follow and like us:

Tags: , ,

Related Stories
Oil refining giant Petron Corp. has offered to sell cheaper diesel to state-run Philippine National
Senate Minority Leader Franklin Drilon on Wednesday disclosed that there?s a very strong lobbying against
Tax reform helped add P300 billion more in government funds.
Malacanang is happy with inflation remaining at 6.7 percent level from September to Otober because


 

Trending News

Recommended on sister sites

Copyright © 2018 Bilyonaryo - Latest news on the richest Filipinos and Family Business.