Do banks report to BIR?

[glenn manikis]

Nagbabalak na po ako i-register as business ang online job ko. Ngayon ko lang na-intindihan na kakailanganin ko mag-loan balang araw at kailangan ko ITR as proof of income.

pwede mo palusot... kaka start lang ng bus. nyo...

[Syuryuken]

If I don't get approved. I might opt for a co-maker. May pumayag nang relative ko.

The bank said, approved na daw ako. Ok daw bank statement at credit standing ko, kailangan lang daw talaga nila ng certificate of employment na wala naman ako.

Ang ipinagtataka ko lang hindi ako hinihingan ng ITR.

kakailangnin mo pa rin ang ITR

[mark_t]

On car loans as far as I know, your capacity to pay your downpayment is Proof enough.
It is a secured loan. The other requirements is to confirm your identity.

Basta may pang downpayment ka ay proof of income ito.

Will it be reported? I think the limit is 400,000 pesos, anything above
and the transaction is reported. Hindi ka everyday bumibili ng car, so why should it be a issue.

[macsd]

Only a court order can make a bank open an account info, that is part of bank secrecy law. Remember the impeachment trial.

[mark_t]

The accounts were flagged for series of transactions involving substantial amounts.
And all they can do is monitor the accounts.

You should worry more about the color of your car instead as you might have to buy new clothes
To match it.

[smarxist]

bakit COE hinihingi sayo? ano ba dineclare mong source of income? hahanapan ka din nyan ng ITR once na ipa-go mo yung deal.

Pinaliwanag ko na kase sa bank nature ng work ko - freelance. Pero nirequest nung bank na maglagay man lang daw ako at least company name. So nilagay ko ung one of my clients.

My client couldn't give me a COE, so I opted for a co-maker. After my co-maker submitted his form, tumawag bank, hiningi naman sakin ung email at phone number ng company na nilagay ko. Binigay ko. After 3 days, tinawagan ako bank, approved na daw. They still asked for my ITR, pero, npakiusapan, pinaliwanag ko ulet nature ng work, then they agreed na sedula na lang daw.

[smarxist]

Thanks sa mga advice guys.