THE Department of Finance (DOF) has revealed that it will still push for the reinstatement of the lifting of the bank secrecy and exchange of information provision under Package 1B of the Tax Reform for Acceleration and Inclusion (TRAIN) law.
Finance Secretary Carlos G. Dominguez III told reporters in a text message that the department trusts that legislators will see the need for these two provisions, which will help further strengthen the TRAIN law.
“Yes, we will push to reinstate. We trust that the legislature will recognize the necessity of strengthening the law, to enhance the administration’s ability to enforce the tax laws which were passed by them in the first place,” Dominguez said.
According to DOF estimates, the provision on the automatic exchange of information, as well as the lifting of bank secrecy, are estimated to generate P15 billion in additional revenue.
Earlier, it was pointed out that in a Senate plenary session legislators had removed the provision on lifting of the bank secrecy, as well the automatic exchange of information.
The DOF’s proposed Package 1B of the comprehensive tax reform program (CTRP) includes measures on general tax amnesty, estate tax amnesty, higher motor vehicle user’s charge, lifting of the bank secrecy law and automatic exchange of information.