DOF wants bank secrecy lifted by Congress 0 SHARES Share it! Globally, the Philippines and Lebanon are the only countries that still implement stringent bank secrecy laws. Dominguez said the present bank secrecy laws prohibit the BIR to look into the bank records of people who are suspected or have committed tax evasion and other crimes. Until the bank secrecy laws are relaxed, Dominguez said the BIR cannot be expected to improve its tax collection efficiency. President Duterte said a general tax amnesty without the lifting of bank secrecy laws would only lead to revenue losses for the government and encourage tax evasion.

Source: Manila Bulletin October 14, 2019 00:11 UTC