Philippines: Tax Amnesty Veto




Finance Minister, Carlos Dominguez, has confirmed that President Duterte has vetoed the general tax amnesty provisions of the proposed Tax Amnesty Act 2019, citing the need to curtail current Banking Secrecy Laws in order to pave the way for adoption of the OECD Common Reporting Standard; a general tax amnesty appears unlikely until the issue of Banking Secrecy is dealt with.



Philippines has yet to formally adopt the CRS, though invited to participate in an initial Pilot Project by the OECD. http://www.oecd.org/tax/transparency/technical-assistance/aeoi/AEOI-pilot-project-briefing.pdf

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