Finance Secretary Ralph Recto said Wednesday a new system for sharing data between government agencies will lead to more efficient tax collection.
The Securities and Exchange Commission (SEC) established the Swift Corporate and Other Records Exchange (SCORE) Protocol, a web portal that allows the commission to share its electronic database of corporate records with partner regulatory and enforcement agencies to boost bureaucratic efficiency.
SEC chairperson Emilio Aquino and Bureau of Internal Revenue (BIR) commissioner Romeo Lumagui signed a memorandum of agreement (MOA) on July 17, 2024 to access the portal.
This will empower the BIR to harmonize records of registered corporations and enhance tax collection efficiency.
Among corporate documents that the BIR can have real-time access through the portal are the articles of incorporation, general information sheet (GIS) and annual financial statements (AFS).
The SEC will onboard into the SCORE portal more financial regulators and government agencies in exigent need of its records.
The SEC on Wednesday launched five new digital services as part of its third wave of digital initiatives. These include SEC Zuper Easy Registration Online (ZERO), Electronic Submission Authentication Portal (eSAP), SEC Foreign Investments Registration Station (FIRST) Green Lane Unit, Electronic Application for Modification Of Entity Name And Data (eAMEND), and Swift Corporate and Other Records Exchange (SCORE) Protocol.
These platforms support the SEC’s commitment to sustainability by promoting paperless transactions and zero-contact policies.
Aquino said these initiatives would streamline business processes and contribute to achieving sustainable development goals.
“We are harnessing digital technologies not only to improve the ease of doing business but also to champion sustainability and help accelerate the attainment of the Sustainable Development Goals,” said Aquino.
