REVENUE REGULATIONS NO. 10-2018 issued on March 8, 2018 amends Section 10 of
Revenue Regulations (RR) No. 10-2010 (Exchange of Information Regulations) as follows:
“SECTION 10. Notice to Taxpayers. – A taxpayer shall be duly
notified in writing by the Commissioner that a foreign tax authority is requesting
for exchange of information held by financial institutions pursuant to an
international convention or agreement on tax matters within sixty (60) days
following his transmittal of all the information requested from, and provided
for by, the concerned financial institution to the requesting treaty partner.