PHILIPPINES REMOVED FROM FRENCH FISCAL BLACK LIST
28 August 2013
The Philippines was officially removed from the French list of Non-cooperative Countries and Territories (NCCT) in matters of tax evasion following a decision from the French Ministry for the Economy and Finance on 21 August 2013.
The decision, which was published in the Official Gazette of the French Republic on 28 August 2013, updates the NCCT list which now includes Bermuda, Botswana, the British Virgin Islands, Brunei, Guatemala, Jersey, Marshall Islands, Montserrat, Nauru, and Niue.
The NCCT list first came out in 12 February 2010 and is updated annually. Inclusion in the list is based on specific criteria, such as the inability of a country or territory to provide fiscal transparency and administrative cooperation in the exchange of information for tax purposes.
As a result, French nationals are dissuaded from transacting with entities located in countries in the list through the imposition of higher tax rates and other dissuasive tax measures.
The ratification and entry into force on February 2013 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.