BIR Publishes its Data Sharing Agreement with the Securities and Exchange Commission
The Bureau of Internal Revenue (BIR), through Revenue Memorandum Circular No. 34-2023 (Circular) issued on March 17, 2023, published the full text of the Data Sharing Agreement (DSA) between the BIR and the Securities and Exchange Commission (SEC) pursuant to the Data Privacy Act of 2012 (DPA).
The DSA provides that the SEC shall share to the BIR its data on corporations and other registered/licensed entities, including beneficial ownership information. These data may contain Personal Information and Sensitive Personal Information, such as but not limited to the complete name, specific residential address, date of birth, nationality, tax identification number; and percentage of ownership, if applicable, of the incorporators, stockholders, directors, trustees, members, officers, and beneficial owners of registered corporations, partners in a partnership and other persons licensed by the SEC. On the other hand, the SEC may request intelligence information necessary for the performance of its function from the BIR, provided that the request for information does not violate any applicable laws, rules, and regulations.
The DSA also provides, among others, the following:
- The designated Data Protection Officers (DPOs) of each agency;
- The responsibilities of each agency;
- The period of validity of the DSA, which is 5 years after the date of signing, unless pre-terminated or a new DSA is entered into before the expiration;
- Instructions regarding the data following the termination of the DSA;
- Dispute resolution mechanisms.
Read the full DSA here.