BIR TO ISSUE COLLATERAL ORDER ON BANK ACCOUNTS
EO gives Purisima power to monitor taxpayers
By Virgilio Bugaoisan 09/11/2011President Aquino has cloaked Finance Secretary Cesar Purisima with vast powers through Executive Order (EO) 56, which was issued last Sept. 6 but released only recently, allowing him to order the opening of tax documents of any Filipino on the pretense of suspicions of tax evasion, including those documents that would be requested by foreign tax authorities.
The EO, signed by President Aquino on Sept. 6, delegated the authority to order the opening for inspection of income tax returns of selected tax payers suspected of tax evasion to the Secretary of the Department of Finance.
Reports said that relatedly, the Bureau of Internal Revenue (BIR) had drafted a directive that requires banks and other financial institutions to open bank accounts of suspected tax cheats.
Purisima himself signed the guidelines based on the recommendation of BIR Commissioner Kim Jacinto-Henares..... MORE
Source: The Daily Tribune
URL: http://www.tribuneonline.org/headlines/20110911hed1.html
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