News: The Philippines implements international tax standard
The Philippines implements international tax standard
28 Sep 2010
The Philippines today moved up to the list of jurisdictions that ‘have substantially implemented the internationally agreed tax standard’. After passing legislation earlier this year, the Philippines this week issued regulations to implement the new legislation. The Philippines has a network of more than 30 treaties that provide for exchange of information in tax matters. Until now, however, domestic legal restrictions prevented its tax authorities from obtaining and exchanging certain types of information, such as bank information. The new law and regulations remove these restrictions, thus enabling many of the Philippines’ existing treaties to meet the international standard. Commenting on the latest development, Jeffrey Owens, Director of the OECD’s Centre for Tax Policy and Administration, said: “The Philippines has participated in the work of the Global Forum since 2005. I am very pleased to see that it has now upgraded its legislation to meet the international standard, reflecting the worldwide movement towards greater transparency and exchange of information. There is a great deal of ongoing progress in jurisdictions’ domestic laws as well as signing exchange of information agreements as they move to implement the international standards. We look forward to working with the Philippines over the coming years”.