Section 7Sec./Art. 7

Obligation to Maintain Confidentiality of Information Received. - Any information received by a foreign tax authority from the Bureau of Internal Revenue pursuant to an International convention or agreement on tax matters shall be treated by the authority as absolutely confidential in nature in the same manner as information obtained by the latter under its laws and shall be disclosed only to persons or authorities, including courts and administrative bodies, involves in the assessment or collection of, the enforcement or prosecution in respect of, or the determination of appeals in relation to, the taxes covered by such conventions of agreements.