MANILA - The Philippines has been removed from the French government's blacklist of noncooperative countries for their tax policies.
This according to the Department of Finance (DOF) which announced on Saturday that the Philippine government's move to improve its information sharing on tax-related matters with the French government paved the way for the removal of the country 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 tax evasion and money laundering, the French government has encouraged other countries to share tax-related information, especially on French firms doing business in their territories.
Investors from countries on the blacklist are saddled with stricter tax rules in France.
According to Finance Secretary Cesar Purisima, the Philippines' removal from the blacklist was a welcome development as it signaled the country's commitment to fiscal integrity.
"This move is a recognition of the Aquino administration's commitment and tangible progress in combating tax avoidance and promoting fiscal honesty," Purisima said in a statement.