Allan Lanthier, a former advisor to the Canadian government, warns it’s time to hit the emergency brake on the OECD’s model rules for Pillar Two; while close to 140 countries agreed to the October 2021 framework, they didn’t agree to these new model rules, which introduce a lot of uncertainty and complexity.
The US Treasury Department has updated its FATCA website, reporting that the Philippines has signed a Model 1 intergovernmental agreement (IGA) with the United States as of July 13. . .
The US IRS on December 1 released an advance copy of guidance that provides that countries that have reached FATCA intergovernmental agreements (IGAs) “in substance” that do not sign an IGA by December 31 will continue to be treated as if an IGA was in effect as long as the country displays a “firm resolve” to sign an IGA as soon as possible. The new guidance . . .
The Philippines-Qatar double taxation agreement, signed December 2008, has entered into force as. . .
G20 finance ministers have agreed to a plan to create a multilateral instrument to implement tax treaty-related measures under OECD/G20 the base erosion and profit shifting (BEPS) plan, the ministers said in a communique following their February 9-10 meeting in Istanbul . . .
The Philippines will join the OECD Committee on Fiscal Affairs to work on a global response to base erosion and profit shifting (BEPS) beginning January 2015, the Philippines Department of Finance announced November 14. The Philippines will use its position to present developing country perspectives and shape strategies, tools, and other outputs to curb BEPS. See, Philippines release.
The Philippines Department of Finance on September 8 advised that since the FATCA intergovernmental agreement (IGA) between The Philippines and the US has not yet entered . . .
Philippines tax authorities have accelerated work on advance pricing agreement (APA) guidelines and are working on transfer pricing documentation and audit guidelines, writes Quantera Global, in a June 3 post to its website. For details, see Quantera Global.
Tax officials from 21 Asia Pacific countries and organizations attended an OECD regional network meeting on base erosion and profit shifting (BEPS) designed to give more nations a voice in the development of OECD/G20 base erosion profiting shifting (BEPS) plan output. The meeting, held February 12–13 in Seoul, also . . .
Bureau of Internal Revenue Commissioner Kim S. Jacinto-Henares has been appointed by UN Secretary General Ban Ki Moon as a member of the UN Committee of Experts on International Cooperation in Tax Matters in accordance with Economic and Social Council (ECOSOC) Resolution 2004/69, according to a November 4 press release.
The Philippines has become the 68th signatory of the Multilateral Convention on Mutual Administrative Assistance in Tax Matters. 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 Convention must be ratified by The Philippines to enter into force. Release
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