The Exchange of Tax Information Portal is an initiative of the Global Forum on Transparency and Exchange of Information for Tax Purposes. The Global Forum conducts peer reviews of its member jurisdictions' ability to co-operate with other tax administrations in accordance with the internationally agreed standard. The standard provides for exchange of information on request where it is foreseeably relevant to the administration and enforcement of the domestic tax laws of the requesting jurisdiction. Effective exchange of information requires that jurisdictions ensure information is available, that it can be obtained by the tax authorities and that there are mechanisms in place allowing for the exchange of that information. The Global Forum's peer review process examines both the legal and regulatory aspects of exchange (Phase 1 reviews) and the exchange of information in practice (Phase 2). The EOI Portal will track the development of these peer reviews, including changes that jurisdictions make in response to the Global Forum's recommendations.

News: The Philippines implements international tax standard

The Philippines implements international tax standard

28 Sep 2010

The Philippines today moved up to the list of jurisdictions that ‘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 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 the latest development, 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. There is a great deal of ongoing progress in jurisdictions’ domestic laws as well as signing exchange of information agreements as they move to implement the international standards. We look forward to working with the Philippines over the coming years”.