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Philippines, U.S. sign FATCA

Staff writer |
The Philippines and the United States signed an agreement to implement provisions of the Foreign Account Tax Compliance Act (FATCA), which aims to curb offshore tax evasion.

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“Today’s signing marks a significant step forward in our efforts to work collaboratively to combat offshore tax evasion —an objective that mutually benefits our two countries.

"By working together to detect, deter, and discourage tax abuses through increased transparency and enhanced reporting, we can help to build a stronger, more stable, and more accountable global financial system,” said US Ambassador to the Philippines Philip Goldberg, who signed the deal.

Fatca, which was enacted in 2010 in the US, aims to combat offshore tax evasion by encouraging transparency and obtaining information on accounts held by US taxpayers in other countries.

“The Philippines continues to stand at the forefront of fiscal transparency across the Asia-Pacific region, reaping measurable returns for our people.

"In fact, fiscal transparency is one of the four pillars of the Cebu Action Plan the Philippines is advancing in its hosting of the Asia Pacific Economic Cooperation finance ministers’ process meetings,” said Finance Secretary Cesar Purisima, who signed on behalf of the Philippine government.

“Tax evasion across borders is an alarming problem that we can beat back with openness and mutual cooperation. This IGA is an affirmation of that ideal,” he said.

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