THE Philippines has become the 68th signatory of
the Multilateral Convention on Mutual Administrative Assistance in Tax
Matters, the most powerful international instrument to fight international
tax avoidance and evasion. To enter into force, the Convention must now
be ratified by The Philippines.
The Standard calls on governments to obtain detailed account information from
their financial institutions and exchange that information automatically with
other jurisdictions on an annual basis. The Standard was formally presented
to G20 Finance Ministers on 20-21 September 2014 at their meeting in Cairns,
Australia. Philippines signs Convention on Mutual Administrative Assistance
in Tax Matters
The G20 has called on the Global Forum on Transparency and Exchange of Information,
of which the Philippines is a member, to monitor implementation of the Standard.
The Convention provides the ideal instrument to swiftly implement automatic
exchange and to do so with many partners. Automatic exchange requires an administrative
agreement between the competent authorities of the Parties willing to provide
each other information automatically.
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