France has removed the Philippines from the list of Non-Cooperative Countries and Territories (NCCT) where tax evasion is unchecked, the Department of Foreign Affairs (DFA) said Sunday.
The DFA said the French Ministry for the Economy and Finance made the decision to delist the Philippines on August 21.
The decision, which was published in the Official Gazette of the French Republic on August 28, updates the NCCT list which now includes Bermuda, Botswana, the British Virgin Islands, Brunei, Guatemala, Jersey, Marshall Islands, Montserrat, Nauru and Niue.
The list first came out in February 2010 and is updated annually.
Countries are included in the list if they are found to be unable “to provide fiscal transparency and administrative cooperation in the exchange of information for tax purposes.”
French nationals are discouraged from transacting with entities located in blacklisted countries by demanding higher tax rates and other dissuasive tax measures.
The ratification and implementation in February of the protocol amending the agreement between the Philippines and France “on the avoidance of double taxation and the prevention of fiscal evasion paved the way for the removal of the Philippines from the NCCT list,” the department said.
BERNICE CAMILLE V. BAUZON