MANILA’S ratification of the Convention on Mutual Administrative Assistance in Tax Matters (MAAC) is expected to enhance tax administration and combat evasion through data exchange and international cooperation. “To fund our people’s growing needs, we need more tools like this to enhance our revenue-generating capacity,” Finance Secretary Ralph G.
MANILA’S ratification of the Convention on Mutual Administrative Assistance in Tax Matters is expected to enhance tax administration and combat evasion through data exchange and international cooperation.
Recto anticipates Manila’s entry into the pact, via Senate Resolution 139, will improve tax administration in the country as it would allow the government access to data exchange, assessment and enforcement tools with over a hundred partner signatories. Developed jointly by the Organization for Economic Co-operation and Development and the Council of Europe, the MAAC is a comprehensive “Multilateral Instrument” or treaty for administrative cooperation between signatories in tax assessment and collection. Participating in the pact will enable the Philippines to enter into agreements on simultaneous tax examinations and exchanges of information .
With the MAAC in place, the DOF said the Philippine government can access tax information of other jurisdictions, decrease the risk of a downgrade on the country’s tax transparency and save time, financial, and human resources on treaty negotiations.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Recto: PH's participation in MAAC to help stop tax evasion, avoidanceLatest Philippine news from GMA News and 24 Oras. News, weather updates and livestreaming on Philippine politics, regions, showbiz, lifestyle, science and tech.
Read more »
![[Ask The Tax Whiz] Tax credit/refund of excess creditable withholding tax on income: How do you claim them?](https://i.headtopics.com/images/2024/8/31/rapplerdotcom/ask-the-tax-whiz-tax-credit-refund-of-excess-credi-ask-the-tax-whiz-tax-credit-refund-of-excess-credi-592A7382E46F9866CB527866F11D9FE7.webp?w=640)
[Ask The Tax Whiz] Tax credit/refund of excess creditable withholding tax on income: How do you claim them?The Philippine Tax Whiz discusses the guidelines and requirements for claims for tax credit or refund of excess/unutilized creditable withholding tax on income tax as per Revenue Memorandum Circular No. 75-2024
Read more »
TMAP successfully holds tax summitTHE Tax Management Association of the Philippines (TMAP) wrapped up a successful first International Tax Summit with a full day of discussions and conversations on local and international tax issues.
Read more »
To reverse poor PISA ranks, PHL must hike investments in quality educationMORE quality educational investments are needed in Southeast Asian countries, like the Philippines, to improve children’s Programme for International Student Assessment (PISA) scores, according to experts from the Asian Development Bank (ADB).
Read more »
FAO report highlights PHL banana export success and domestic production challengesAccording to a report by the Food and Agriculture Organization of the United Nations, the Cavendish bananas produced by the Philippines remain the preferred choice among its Asian neighbors.
Read more »
Olivia Rodrigo to have affordably-priced PHL leg of GUTS tourFilipino-American pop star Olivia Rodrigo is set to have her debut at the Philippine Arena as part of her highly anticipated GUTS world tour this October 5.
Read more »