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BSP joins Finance dept in calling for lifting of bank secrecy under tax amnesty proposal

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The Bangko Sentral ng Pilipinas joins the Department of Finance in urging lawmakers to include lifting of bank secrecy in a measure giving amnesty to erring taxpayers.

— The Bangko Sentral ng Pilipinas has joined the Department of Finance in calling on lawmakers to include lifting of bank secrecy in a measure giving amnesty to delinquent taxpayers.

Duterte said giving general tax amnesty without lifting bank secrecy laws would only lead to revenue losses for the government and encourage tax evasion. Had Duterte not vetoed the general tax amnesty provision, the law would raise only P6.8 billion in additional revenues in 2019, Domiguez said. This is lower than the estimated P13.6 billion if lifting bank secrecy and allowing the automatic exchange of information were already in place.

 

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