The Philippines Senate has ratified the amended OECD – Council of Europe Convention on Mutual Administrative Assistance in Tax Matters, following the 2010 protocol on 3 September 2024.
The Multilateral Convention on Mutual Administrative Assistance in Tax Matters (“the Convention”) was developed jointly by the OECD and the Council of Europe in 1988 and amended by the Protocol in 2010. It currently is the most comprehensive multilateral instrument available for all forms of tax cooperation to tackle tax evasion and avoidance.
The Convention facilitates a wide variety of forms of administrative assistance. These include all forms of information exchange, namely information exchange on request, automatic exchange of information, spontaneous exchange of information, simultaneous tax examinations and tax examinations abroad, assistance in recovering tax claims, and assistance in serving documents.
The Philippines signed the Convention on 26 September 2014, which will take effect for the country on the first day of the third month after the ratification instrument is submitted. It will generally be applicable from January 1 of the year following its enactment.
