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BIR should allow OFWs to register their TINs online, according to Solon.

The House Ways and Means Committee chairperson recommended on Friday that the Bureau of Internal Revenue (BIR) allow overseas Filipino workers (OFWs) to apply for their tax identification number (TIN) online rather than in person.

Albay Rep. Joey Salceda wrote to BIR Commissioner Caesar Dulay, requesting that the bureau explore agency issuances that would allow for an entirely paperless TIN registration process.

“I researched the National Internal Revenue Code, as amended, and Section 236 (I) of the Code, which requires every taxpayer to have a TIN, does not appear to need a personal appearance.” The Securities and Exchange Commission (SEC) has already embraced a 100% digital approach for establishing firms, according to Salceda.

He stressed that the TIN is especially important for small investors who want to invest in the stock market, emphasizing that OFWs represent a “sleeping giant” among direct investors to the Philippines.

He explained that a diverse investor base is critical for strengthening the country’s capital markets because every stock transaction is subject to taxation, which provides the government with much-needed funds for fiscal and economic recovery.

“When it comes to extending our capital markets, overseas Filipinos are the greatest untapped resource.” It only takes the first step of opening the doors “he stated

He claims that OFWs send $28 billion to the Philippines in remittances.

“You could raise our direct investments by USD5.6 billion if only 20% of it was invested. That is not a number to be overlooked “he stated

OFWs, he added, might be particularly interested in investing in Philippine stocks as a way of planning for their return to the country and securing their family’s future.

“Due to the requirement that taxpayer information is verified by personal appearance in the Revenue District Offices (RDOs), OFWs who are still abroad are unable to open stock brokerage accounts without their TINs – and because getting a TIN requires personal appearance, they are effectively shut out of the market,” Salceda explained.”

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