The Philippines Government has signed a double taxation agreement (DTA) with Italy to taken off the “black list” of countries that Italy evaluates to be tax havens on 9 December 2013. On December 5, 1980 DTA originally signed between Philippines-Italy by the Secretary of Finance and the Italian Ambassador to the Philippines and incorporates for the exchange of tax information between the two countries in accordance with internationally-agreed standards.
The Philippines expects that this provision will enable its removal from the Italian black list, explain as those which have privileged tax rules or where there is not an agreement between two countries for the exchange of tax information. The treaty will need to be ratified by the relevant authorities of both countries before into comes into effect.
