Finance Secretary Cesar Purisima. 蜜桃工作室 FILE PHOTO
MANILA, Philippines鈥擳he Philippines has been taken off the French government鈥檚 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鈥檚 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鈥� removal from the blacklist was a welcome development as it signaled the country鈥檚 commitment to fiscal integrity.
鈥淭his move is recognition of the Aquino administration鈥檚 commitment and tangible progress in combating tax avoidance and promoting fiscal honesty,鈥� Purisima said in a statement.
鈥淲e 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,鈥� the finance chief added.
Together with the French government鈥檚 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.