LIFTING THE BANK SECRECY LAW

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The Bureau of Internal Revenue (BIR) remains one of the most corrupt government agencies despite the efforts of the new administration to promote a simpler, fairer and more efficient tax system. In fact, some revenue officials continue to extort money from taxpayers they audit regularly, as usual, even using the name of Commissioner Dulay and President Duterte to persuade them. Like the war on drugs, the ultimate victims in this “moro-moro” are the small and medium enterprises (SMEs), as large companies have tax consultants and lawyers to defend and protect them from harassment. Given this corrupt and inefficient audit program, I honestly think lifting the bank secrecy law at this time would only further encourage the “corrupt” BIR examiners to harass SMEs while getting more bribe money from the real tax evaders (and smugglers); often large taxpayers who can afford to bribe and save millions from not paying the right taxes.

 

Mar 7 - Lifting the Bank Secrecy Law (Mon Abrea)

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