DATA SHARING. Bureau of Internal Revenue (BIR) Commissioner Romeo Lumagui Jr. (4th from left), Finance Undersecretary Renato Reside Jr. (4th from right), and Securities and Exchange Commission Chairperson Emilio Aquino (3rd from right) lead the launch of SEC's third wave digital initiatives on Wednesday (July 17, 2024) at the SEC headquarters in Makati City. A memorandum of understanding and data-sharing agreement was also signed by the BIR and SEC, allowing the Commission to share its electronic database of corporate records to the BIR. (Photo from BIR Commissioner Romeo Lumagui Jr.'s Facebook account)
MANILA – The Securities and Exchange Commission and the Bureau of Internal Revenue on Wednesday signed an agreement allowing the BIR to access the data-sharing system established by the SEC.
The memorandum of agreement signed at the SEC headquarters in Makati City allows the BIR to be the first agency to access the recently established Swift Corporate and Other Records Exchange (SCORE) Protocol.
The SCORE Protocol is a web portal that allows the Commission to share its electronic database of corporate records with partner regulatory and enforcement agencies to boost bureaucratic efficiency.
The BIR's access to the portal will help the agency harmonize records of registered corporations and enhance tax collection efficiency.
Among corporate documents that the BIR can have real-time access to are Articles of Incorporation, General Information Sheets (GIS), and Annual Financial Statements (AFS).
The SEC plans to put on board the SCORE portal more financial regulators and government agencies in need of its records.
“This will be of great help for us in our verification of corporations’ information. A real time online verification will be in place. We’d like to assure the SEC of our full support to this endeavor, which is much aligned to BIR digitalization projects," BIR Commissioner Romeo Lumagui Jr. said.
"I’m looking forward to the continuous improvement of processes, policies, and systems to provide better services to our taxpayers and to aid our employees in performing their day-to-day tasks,” he said.
Department of Finance Secretary Ralph Recto, meanwhile, said the interagency data-sharing system will facilitate a more efficient and modernized tax administration process, helping the government boost much-needed revenues to accelerate the nation’s growth.
“This event is a very clear demonstration of what Bagong Pilipinas’ brand of governance looks like––modern, responsive, and agile. The implementation of the Swift Corporate and Other Records Exchange exemplifies this spirit,” DOF Undersecretary for Tax Research and Expenditure Monitoring (TREM) Renato Reside Jr. said in a speech delivered on behalf of Recto.
Aside from the Protocol, the SEC also launched the third wave of digital initiatives under its Digital-All program, which will further enhance the ease of doing business by serving Anyone, Anytime, and Anywhere through Zero Paper, Zero Wet Signature, and Zero Notarization.
These include the Electronic Application for Modification of Entity Names and Data (eAMEND), a portal that facilitates the acceptance, processing, approval of payment, and issuance of the digital copy of the Certificate of Amendment of Domestic Stock and Non-stock Corporation.
The SEC Foreign Investment Registration Station (SEC FIRST) is a unit dedicated to help foreign corporations with licensing, registration, and monitoring, among others.
The Electronic Submission Authentication Portal (eSAP) digitally authenticates SEC documents, eliminating the need for affixed wet signatures, notarization, and hard copy submissions.
The SEC Zuper Easy Registration Online (SEC ZERO), meanwhile, eliminates the need for physical signing and notarization of registration documents by allowing applicants to digitally authenticate the system-generated forms through eSAP.
“The greater efficiency brought about by these programs will further deepen our capital markets, attract more investments, and broaden the country’s tax base. This will help us achieve inclusive and investment-led growth for our people,” Reside said.
Reside urged the SEC to continue reinventing processes to enhance the country’s business climate.
“Rest assured, the Department of Finance stands ready to support the SEC and all other agencies in this endeavor of digitalization every step of the way to build an efficient and modern government that is pro-people and pro-business,” he said.
SEC Chairperson Emilio Aquino welcomed the DOF's support to SEC's quest for digital first experience for business and capital markets.
"Secretary Ralph also encouraged us to extend our digital innovation beyond the four walls of the SEC by collaborating with the Bureau of Internal Revenue for more efficient tax collection,” Aquino said. (PNA)
