The Philippines is now in the Organization for Economic Cooperation and Development's list of jurisdictions that have substantially implemented the internationally agreed tax standard, reports Tax-News.com.
According to Tax-News.com, the Philippines has upgraded its legislation to allow it to meet the OECD standard. Those changes allow the country's Bureau of Internal Revenue (BIR) to exchange tax information with other revenue agencies overseas.
The Philippines now has a network of more than 30 agreements that provide for exchange of information in tax matters (TIEAs), but it was only until the Philippines recently issued regulations to implement the new legislation that its tax authorities could obtain and exchange information with other countries.
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