The implementation of the Securities and Exchange Commission’s (SEC) interagency data-sharing system, Swift Corporate and Other Records Exchange (SCORE) Protocol will facilitate a more efficient and modernized tax administration process to boost revenue generation, according to Finance Secretary Ralph Recto.
SCORE allows the SEC to share its electronic database of corporate records with partner regulatory and enforcement agencies to boost bureaucratic efficiency.
The Bureau of Internal Revenue (BIR) is the first agency to access the portal after the agency with an agreement with the SEC Wednesday.
“ (SCORE) will empower the BIR to harmonize records of registered corporations and enhance tax collection efficiency,” Recto said.
Among corporate documents that the BIR can have real-time access through the portal include the articles of incorporation, general information sheet (GIS), and annual financial statements (AFS).
“Moving forward, the SEC will onboard into the SCORE portal more financial regulators and government agencies in exigent need of its records,” Recto said.
Under the BIR and the SEC’s partnership, the SEC will provide the BIR access to documents needed to support its mandate to make tax assessments and collect national internal revenue taxes, fees and charges, and enforcement activities.
The BIR, meanwhile, shall provide the SEC with tax identification number verification for the SEC’s online digital services, helping boost its identity validation and monitoring of the corporate sector and the capital market.
The partnership will support the implementation of the government’s 2024 National Tax Campaign, which aims to generate funds through timely payment of correct taxes to drive economic recovery and development.
The SEC said it is in talks with the Bureau of Customs to leverage corporate data to improve the collection of customs duties, excise and other taxes.
“The SEC is also looking at partnering with the Bureau of Immigration to help monitor foreign nationals doing business in the country, as well as the Philippine Government Electronic Procurement System to ensure the legitimacy of corporations participating in the government procurement process,” said Emilio Aquino, SEC chairman.
SCORE is part of the SEC’s digitalization initiatives that include the SEC Zuper Easy Registration Online, Electronic Submission Authentication Portal, Foreign Investments Registration Station Green Lane Unit, and Electronic Application For Modification Of Entity Name And Data.