Belmonte renews opposition to lifting of bank secrecy law

MANILA, Philippines – Speaker Feliciano Belmonte Jr. has reiterated his opposition to the proposal of the Department of Finance (DOF) and Bureau of Internal Revenue (BIR) to relax the Bank Secrecy Law for tax inquiry purposes.

Belmonte yesterday said revenue agencies should instead double their efforts in running after tax evaders and smugglers.

“I told finance officials (in a recent meeting) that it (bank secrecy lifting) will scare aware businessmen, local and foreign investors,” Belmonte said.

“My challenge to the BIR is to expand the miniscule tax base of the country, and start with the country’s richest families and those, although ostensibly not rich, who wallow in luxury,” he said.

The DOF and the BIR have floated the proposal to relax the Bank Secrecy Law for tax inquiry purposes in exchange for their agreement to moves in the House of Representatives and the Senate to reduce income tax for millions of salaried workers and professionals.