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Philippines slowly approaching OECD standard

Staff writer |
The Philippines intends to sign up to a new international agreement on the automatic sharing of information on financial transactions, seen to help in the global campaign against tax fraud.

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Commissioner Kim S. Jacinto-Henares of the Bureau of Internal Revenue (BIR) said the government wanted to become a signatory to the Declaration on Automatic Exchange of Information in Tax Matters, adopted by the Organization for Economic Cooperation and Development (OECD) in a meeting last week.

"No, we were not able to attend the meeting where it was signed," Ms. Henares said when asked if the Philippines was one of the signatories. "In time, we will."

At the moment, however, Ms. Henares said the government had not set a timeline as to when it would be part of the initiative. Asked if there was a need to pass new legislation or tweak existing regulations, she said: "We still have to study it."

The new declaration was endorsed during the OECD’s annual ministerial council meeting in Paris last week. Signatories to the agreement included all 34 OECD member countries, as well as Argentina, Brazil, China, Colombia, Costa Rica, India, Indonesia, Latvia, Lithuania, Malaysia, Saudi Arabia, Singapore and South Africa.

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