TIN validation coming to SEC platforms

THE SECURITIES and Exchange Commission (SEC) will soon mandate the tax identification number (TIN) validation service across its online systems to enhance monitoring efforts.

“Please be advised that the SEC will soon implement the TIN validation service across all SEC applicable online systems,” the corporate regulator said in a notice dated March 3 on its website. 

The TIN validation service facilitates data exchange between the SEC and the Bureau of Internal Revenue (BIR) via an application programming interface.

“This integration enables the verification of submitted details by cross-checking them against BIR records,” the SEC said.

For individuals, the service will validate the name, TIN, birth date, and sex, the SEC said.

For non-individuals, it will verify the TIN, company name, and registration date.

“To prepare for this implementation and avoid delays in accessing SEC online systems, you may try to verify your TIN through the BIR online registration and update system,” the SEC said. 

“If you are prompted that your TIN does not match or cannot be found, kindly coordinate with the nearest BIR Revenue District Office to check your records,” it added. 

In July last year, the SEC signed a memorandum of agreement with the BIR on data-sharing efforts. The partnership allows the BIR to access documents needed for tax assessments and collections. 

For its part, the BIR will provide the SEC with TIN verification for the latter’s online digital services to improve capital market monitoring.

“From our side, we have noticed a number of incorporators that have fake TIN. That is a ground for revocation. We are trying to plug holes. We should be on our toes,” SEC Chairperson Emilio B. Aquino previously said. — Revin Mikhael D. Ochave