BIR Ruling

December 20, 1971 2nd Indorsement Respectfully referred to the Honorable, the Secretary of Finance, Manila, the within papers relative to the request of this Office for opinion on whether or not the Central Bank of the Philippines may legally deny the Bureau of Internal Revenue access to its records on foreign exchange remittances under authority of Section 15 of Republic Act No. 265, known as the Central Bank Act, in relation to, and/or under Section 7-A of Commonwealth Act No. 466, as amended by Republic Act No. 6110, otherwise known as the National Internal Revenue Code. Of course the request was denied by the Monetary Board of the Central Bank in its meeting held on August 10, 1971, in view of the confidential character of the records and the prohibition contained in Section 15 of Republic Act No. 265. The matter was referred to the Secretary of Justice for his opinion, but in his letter dated September 17, 1971, to this Office, he declined to render his opinion thereon saying that he has no revisory power over the actuations of the Monetary Board. However, he impliedly suggested that this Office bring the matter to that Department since the Secretary of Finance is also the Chairman of the Monetary Board. aisa dc In view thereof, it is respectfully requested that Office intercede so that a mutually satisfactory arrangement can be made on the matter and, if granted, the information which may be gathered will be held in strict confidence under Section 347 of the Tax Code. MISAEL P. VERA Commissioner of Internal Revenue