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Section: General News - The Senate has passed a proposed law seeking to amend the National Internal Revenue Code of 1997 to allow the Bureau of Internal Revenue to exchange information on tax matters with foreign tax authorities in compliance with internationally agreed tax standards (IATS).
Senate Bill No. 3220, principally authored by Senate President Juan Ponce Enrile, was approved on third reading under the sponsorship of Senator Panfilo Lacson, chairman of the committee on ways and means. It is now awaiting approval by the House of Representatives.
Enrile said the proposed amendment will allow the Philippines to conform to the Organization for Economic Cooperation and Development (OECD) Model Agreement on Exchange of …