PH removed from France’s blacklist of tax havens
MANILA, Philippines—The Philippines has been taken off the French government’s blacklist of non-cooperative countries with respect to tax evasion and money laundering.
This was announced Saturday by the Department of Finance, which said the government’s efforts to improve its information sharing on tax-related matters with the French government paved the way for the removal of the Philippines from the list.
The Bureau of Internal Revenue now has a solid information-sharing agreement with its counterpart in France, according to the DOF.
In fighting against tax evasion and money laundering, the French government encouraged countries to share tax-related information especially on French firms doing business in foreign territories.
Investors from countries on the blacklist are said to be slapped with stricter tax rules in France.
According to Finance Secretary Cesar Purisima, the Philippines’ removal from the blacklist was a welcome development as it signaled the country’s commitment to fiscal integrity.
“This move is recognition of the Aquino administration’s commitment and tangible progress in combating tax avoidance and promoting fiscal honesty,” Purisima said in a statement.
“We hope that foreign firms, and not just French ones, take this as a signal that the Philippines affords a level, competitive, and transparent playing field for everyone to do business in,” the finance chief added.
Together with the French government’s decision to remove the Philippines from the blacklist was its move to include Bermuda, British Virgin Islands on the list.
Other countries on are Guatemala, Brunei, Botswana, Marshall Islands, among others.
Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City,Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94