Pinawalang-bisa ng Supreme Court (SC) ang tatlong circular at regulations na inisyu sa Bureau of Internal Revenue at Securities and Exchange Commission noong 2014.
Ayon sa desisyon ng Korte Suprema, ang nasabing circular at regulation ay paglabag sa right to privacy at due process ng Philippine Stock Exchange (PSE), mga bangko, at negosyo, mga may-ari at mamumuhunan, at labag din sa konstitusyon.
Ang mga pinawalang bisa ay ang BIR Revenue Regulations No. 1-2014, Revenue Memorandum Circular No. 5-2014, at SEC Memorandum Circular No. 10, Series of 2014.
Ang nasabing circular at regulations ay nag-aatas sa mga negosyong nakikipag-ugnayan sa Philippine Stock Exchange (PSE) at mga bangko na ibunyag ang mga pangalan, address, tax identification number (TIN) at ang halaga ng kita at withholding tax ng kanilang mga investors. Sa desisyon ng korte, labag aniya ang regulasyon Republic Act No. 10173 ng Data Privacy Act.
Nilabag din umano ng sirkular ang karapatan sa due process dahil nabigo ang BIR, SEC, kasama ang Department of Finance (DOF) na magsagawa ng mga pagdinig upang ayusin ang mga probisyon at kinakailangan ng mga regulasyon.
Noong 2014, naglabas ang SC ng temporary restraining order (TRO) na nagpahinto sa BIR at SEC sa pagpapatupad ng mga regulasyon.
“WHEREFORE, the Petition for Certiorari and Prohibition is GRANTED. Revenue Regulations No. 1-2014, Revenue Memorandum Circular No. 5-2014, and Securities and Exchange Commission Memorandum Circular No. 10-14 are STRUCK DOWN for being UNCONSTITUTIONAL. The Temporary Restraining Order issued by this Court on September 9, 2014 is MADE PERMANENT. SO ORDERED.”
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