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Manila Welcomes OECD Move to Strike Off Philippines From Tax Havens' List

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Manila Welcomes OECD Move to Strike Off Philippines From Tax Havens' List
September 30, 2010, 12:41am
Manila Bulletin

MANILA, Philippines (Xinhua) - The Philippine government on Wednesday welcomed the move of the Paris-based Organization for Economic Cooperation and Development (OECD) to strike off the country from its list of tax havens.

"We are happy the Philippines is out of the gray list. It is a significant step in our fight against money laundering and tax evasion," Deputy Presidential Spokesperson Abigail de la Fuente- Valte said in a press briefing at Malacanang.

The OECD, in a statement, said the Philippines "moved up to the list of jurisdictions that have substantially implemented the internationally agreed tax standard."

The Philippines had been on the "grey list" of territories that had committed to internationally accepted tax standards but had not yet fully implemented them.

The OECD announcement came shortly after Philippine Finance Secretary Cesar V. Purisima signed Revenue Regulations (RR) 10- 2010 that will be used to implement Republic Act (RA) 10021, or The Exchange of Information on Tax Matters Act.

RR 10-2010, which became a law in March this year, will still have to be published in a newspaper of general circulation before taking effect 15 days after.

The OECD statement noted that 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 ... The new law and regulations remove these restrictions, thus enabling many of the Philippines' existing treaties to meet the international standard."

 



Last Updated ( Wednesday, 06 October 2010 10:51 )  

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