RR No. 3-2014 — Amends Section 10 of RR No. 10-2010 (“Exchange of Information Regulations”) (Published in Manila Bulletin on February 13, 2014)

REPUBLIC OF THE PHILIPPINES BUREAU OF INTERNAL REVENUE RECORDS MGT DIVISION

BUREAU OF INTERNAL REVENUE DEPARTMENT OF FINANCE )at RECEIVED February 11, 2014 E.t 1 2014 W 10:2 am

REVENUE REGULATIONS NO 3-2014

SUBJECT 2010 Amending Section 10 of Revenue Regulations No. 10.

TO All internal revenue officers and others concerned

SECTION 1. Scope.- Pursuant to the provisions of Section 244 in relation to Section 4 of the National

promulgated to amend certain provisions of Section 10 of Revenue Regulations (RR) No. 10-2010 entitled "Exchange of Inforniation Regulations". Internal Revenue Code of 1997 (Tax Code of 1997), as amended, these Regulations are hereby

SECTION 2. Notice to Taxpayers.- Section 10 of RR No. 10-2010 is hereby amended to read as follows:

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 from receipt of the said request. "A taxpayer shall be duly notified in writing by the Commissioner that a

However if_.notification within.this.period will .undermine.the

tax authority, the taxpaver shall be notified within six (6) calendar months from receipt of the request." chances of success_of the investigation conducted by the requesting foreign

SECTION 3. Repealing Clause.- All revenue issuances or parts thereof inconsistent with the provisions of these Regulations are hereby considered repealed, amended or modified accordingly.

SECTION 4. Effectivity.- These Regulations shall take effect immediately

Y

CESAR V. PURISIMA Secretary of Finance

Recommending Approval: 010362

KIM S. J. Commissioner of Internal Revenue FTO-HENARES PIFEUOFNTERNALRNY PH COEHUNICATIONS OIVEION M

02055

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