RR No. 10-2018 — Amends Section 10 of RR No. 10-2010 (Exchange of Information Regulations) (Published in Manila Bulletin on March 9, 2018)

REPUBLIC OF THE PHILIPPINES

BUREAU OF INTERNAL REVENUE DEPARTMENT OF FINANCE FUREAU OF INTERNAL PVATJE IECORDS MGT. DIV iS CN MAR 0 8 2013 9:51A'M TN

RECEIVES

Date: _20 February 2018

REVENUE REGULATIONS NO.10- 2018

SUBJECT Amending Section 10 of Revenue Regulations No. 10-2010 (dated 06

October 2010) or the Exchange of Information Regulations

TO All Internal Revenue Officers/Employees and Others Concerned

Section 1. Scope. - Pursuant to the provisions of Section 244 in relation to Section 4 of the National Internal Revenue Code (NiRC) of 1997 (Tax Code of 1997), as emended, as well as to Republic Act (RA) No. 10021, or the Exchange of Information on Tax Matters Act of 2009, these Regulations are hereby promulgated to amend Section 10 of Revenue Regulations (RR) No. 10-2010, entitied "Exchange of Information Regulations"

Section 2. Objective. -- This Regulation is issued in order for the Bureau to effectively and fully comply with the provisions on exchange of information contained in international conventions or agreements on tax matters to which the Philippines is a signatory or a party to as well as with RA No. 10021.

Section 3. Section 10 of RR No. 10-2010 is hereby amended to read as follows:

"SECTION 10. Notice to Taxpayers. - A taxpayer shall be duiy notified in writing by the Commissioner that a foreign tax authority is requesting for exchange of information held by financial institutions pursuant to an international convention or agreement on tax matters within sixty (60) days following his transmittal of all the information requested from, and provided for by, the concerned financial institution to the reguesting treaty partner.

Section 4. Repealing Clause. -- All revenue issuances or portions thereof inconsistent with the provisions of these Regulations are considered repealed, amended, or modified accordingly.

2

Section 5. Effectivity Clause. - These Regulations shall take effect after fifteen (15) days following complete publication in a newspaper of general circulation.

AA CARLOS G. DOMINGUEZ H

001375 Secretary of Finance

MAR 02 2018

Recommending Approval: CA HUREAU OF INTERNAL F EVMTJE Y ECORDS MGT. DIVTSECN MAR 8 2018,/+ 9:51 A.M Uean

Commissioner of internal Revenue CAeSAR R. DULAY 013500 RECEIVED