G20 blacklists RP, 3 other tax havens

[Win2Win]

pLONDON ndash; The Philippines was among four nations blacklisted as uncooperative tax havens yesterday after Group of 20 leaders declared the age of banking secrecy was over and said they would no longer tolerate shady havens draining away badly needed tax revenue./ppAt the request of the G20 summit of rich and developing nations, the Organization for Economic Cooperation and Development (OECD) named the Philippines, Uruguay, Costa Rica and the Malaysian territory of Labuan as the worst offenders, saying they had refused to adopt new rules on financial openness./p

More... (http://www.philstar.com/Article.aspx?articleId=455092publicationSubCategoryId=63)

[ANDRES25]

This is sad but I am not really shocked about this because Philippines is one of the most corrupt countries in the world and that's a fact.

[KeithD]

:Erm: What will blacklisting do? They are tax havens so they can make a lot of revenue from the money.

Besides, betting is tax free, so I don't have to 'hide' mine :D

[somebody]

May mean those who transfer money there will have to declare it and prove where it came from?

Many Ex pats and ofws may wanna keep an eye on what happens I bet.

The word tax co operation was mentioned.....


http://www.gov.ph/news/?i=24097


Also may effect remittances possibly is that taxable or possible likely to become taxable or open to more checks and paperwork?

At present if you send money over with certain companies they have very little to go on for large amounts.

One company I have used and sent big sumes with as no idea who i am all they have is a email address and what i say
is my name/the wifes name and those receieving the dosh.

[Arthur Little]

This is sad but I am not really shocked about this because Philippines is one of the most corrupt countries in the world and that's a fact.

That may be the case, but we should remember that the Phils themselves were the victims of a massive fraudulent operation involving millions of US dollars several years ago - or so I was told when I complained to the Manager of the Metrobank in Tagum about the deduction of $4 each time I cashed one of my American travellers cheques there during my first visit there last September. :bigcry: