The Bureau of Internal Revenue (BIR) partnered with the Securities and Exchange Commission (SEC) to create an interagency data-sharing system to expedite the verification of registered businesses in the country.
BIR Commissioner Romeo D. Lumagui Jr. and SEC Chairperson Emilio B. Aquino signed a memorandum of agreement on Wednesday, July 17, to implement the Swift Corporate and Other Records Exchange (SCORE) Protocol.
SCORE is a web portal that will allow the SEC to share its electronic database of corporate records with partner regulatory and enforcement agencies to reduce bureaucratic processes and improve tax collection efficiency.
Enforcement agencies, like the BIR, will be able to access documents such as articles of incorporation, general information sheets, and audited financial statements through the portal upon request.
Lumagui said that with the implementation of the system, the bureau can now access the commission’s records within 24 hours and will eliminate the manual process of sending letter requests to the bureau.
“They (SEC) will share with us those documents and what's good about it is that they're committed to give it within, the turnaround period is around 24 hours. So, mas mapapabilis yung aming investigation and verification of all corporate officers and directors,” Lumagui said at the sidelines of the SCORE event.
The SEC also launched its third wave of digital initiatives under its digital-all program: the Electronic Application for Modification of Entity Names and Data (eAMEND), SEC Foreign Investment Registration Station (SEC FIRST), the Electronic Submission Authentication Portal (eSAP), and the SEC Zuper Easy Registration Online (SEC ZERO).
The eAMEND is a portal that facilitates the acceptance, processing, approval of payment, and issuance of the digital copy of the Certificate of Amendment of Domestic Stock and Non-stock Corporation.
The SEC FIRST portal will help foreign corporations register for business, while eSAP and SEC ZERO will eliminate the need for physical documentation requirements, such as physical signatures, through digital document authentication.
Finance Undersecretary Renato E. Reside Jr. said that such initiatives will “further deepen our capital markets, attract more investments, and broaden the country’s tax base.”
“Rest assured, the Department of Finance stands ready to support the SEC and all other agencies in this endeavor of digitalization every step of the way to build an efficient and modern government that is pro-people and pro-business,” Reside further said.