Executive Order No. 56 (2011) — Republic Act (RA) No. 10021. otherwise known as the —Exchange of Information on Tax Matters Act of 2009— was enacted on 8 March 2010 in order for the government to comply with or commit to the internationally-agreed tax standards required for the exchange of tax information with its tax treaty partners to help combat international tax evasion and avoidance and to help address tax concerns that affect international trade and investment;

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Executive Order No. 56 (2011)

Republic Act (RA) No. 10021. otherwise known as the —Exchange of Information on Tax Matters Act of 2009— was enacted on 8 March 2010 in order for the government to comply with or commit to the internationally-agreed tax standards required for the exchange of tax information with its tax treaty partners to help combat international tax evasion and avoidance and to help address tax concerns that affect international trade and investment;

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SECTION 1 · Delegated Authority SECTION 2 · Issuance of Rules SECTION 3 · Use and Confidentiality SECTION 4 · Separability Clause SECTION 5 · Repealing Clause SECTION 6 · Effectivity

SECTION 1

Delegated Authority

SECTION 1.

Delegated Authority. The authority to order the opening for inspection of the income tax returns of specific taxpayers subject of a request for exchange of information by a foreign tax authority pursuant to an international convention or agreement on tax matters to which the Philippines is a signatory or party thereof, is hereby delegated to the Secretary of Finance.

SECTION 2

Issuance of Rules

SECTION 2.

Issuance of Rules. The specific rules and regulations that shall govern the opening for inspection of income tax returns of specific taxpayers subject of a request for exchange of information by a foreign tax authority shall be issued by the Secretary of Finance, upon the recommendation of the Commissioner of Internal Revenue. 1awp++i1

SECTION 3

Use and Confidentiality

SECTION 3.

Use and Confidentiality. Any information received by a foreign tax authority as a result of the opening for inspection of the income tax returns of specific taxpayers subject of its request shall be treated by the authority as absolutely confidential in nature in the same manner as information obtained by the latter under its laws and regulations and shall be disclosed only to persons or authorities, including courts and administrative bodies, involved in the assessment or collection of, the enforcement or prosecution in respect of, or the determination of appeals in relation to, the taxes covered by such conventions or agreements.

SECTION 4

Separability Clause

SECTION 4.

Separability Clause. If any provision of this Executive Order is declared invalid or unconstitutional, the other provisions not affected thereby shall remain valid and subsisting.

SECTION 5

Repealing Clause

SECTION 5.

Repealing Clause. All orders, rules, regulations, and issuances, or parts thereof, which are inconsistent with this Executive Order, are hereby repealed, amended, or modified accordingly.

SECTION 6

Effectivity

SECTION 6.

Effectivity. This Executive Order shall take effect immediately upon publication in a newspaper of general circulation.

DONE, in the City of Manila, this 6th day of September, in the year of Our Lord, Two Thousand and Eleven.

(Sgd.) BENIGNO S. AQUINO III

By the President:

(Sgd.) PAQUITO N. OCHOA, JR. Executive Secretary