Philippines Welcomes Removal From Italian 'Black List'

By Editorial 11 December, 2013

The Philippines Government has welcomed the signing on December 9 of a protocol to its existing double taxation agreement (DTA) with Italy, which should signify that the Philippines will be taken off the "black list" of countries that Italy considers to be tax havens.

The protocol, which amends the Philippines-Italy DTA original signed on December 5, 1980, was signed in Manila by the Secretary of Finance Cesar Purisima and the Italian Ambassador to the Philippines Massimo Roscigno, and incorporates, in particular, a provision for the exchange of tax information between the two countries in accordance with internationally-agreed standards.

It is this clause that the Philippines expects will enable its removal from the Italian black list of tax haven countries, defined as those which have privileged tax regimes or where there is not an agreement between tax authorities of the two countries for the exchange of information.

"We welcome the signing of the (protocol) as a positive step towards competitiveness and fairness in taxation between our countries," Purisima said. "We hope that, with this move, the Italian authorities will remove the Philippines from its blacklist of tax havens, for the benefit of Italians residing in the Philippines, and the Filipinos in Italy who comprise the fourth largest immigrant nationality."

The protocol will need to be ratified by the respective authorities of both countries before into comes into effect.

Tags: Individuals | Expatriates | Finance | Treaties | Tax | Double Tax Agreement (DTA) | Tax Treaties | Law | Philippines | Agreements | Italy | Standards | Expats | Tax |


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