PHILIPPINES is the latest to join the select group of countries which 'have substantially implemented the internationally agreed tax standard’. After passing legislation earlier this year, the Philippines this week issued regulations to implement the new legislation. The Progress Report first issued in connection with the G20 London summit has been updated to reflect this move.

The Philippines has a network of more than 30 treaties that provide for exchange of information in tax matters. Until now, however, domestic legal restrictions prevented its tax authorities from obtaining and exchanging certain types of information, such as bank information. The new law and regulations remove these restrictions, thus enabling many of the Philippines’ existing treaties to meet the international standard.

Commenting on it, Jeffrey Owens, Director of the OECD’s Centre for Tax Policy and Administration, said: "The Philippines has participated in the work of the Global Forum since 2005. I am very pleased to see that it has now upgraded its legislation to meet the international standard, reflecting the worldwide movement towards greater transparency and exchange of information.''