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Philippines, US sign cooperation agreement to curb offshore tax evasion

( July 15, 2015, 06:22 GMT | Insight) -- The Philippine and US governments have signed an agreement to implement provisions of the Foreign Account Tax Compliance Act, or FATCA, in a bid to curb offshore tax evasion and avoidance, the Philippine Information Agency reported. The agreement introduce...The Philippine and US governments have signed an agreement to implement provisions of the Foreign Account Tax Compliance Act, or FATCA, in a bid to curb offshore tax evasion and avoidance, the Philippine Information Agency reported. The agreement introduces automatic reporting of financial accounts maintained by US persons in Philippine financial institutions to the Bureau of Internal Revenue, which, in turn, will annually transmit the information to the US Internal Revenue Service. The IRS will also routinely provide the BIR reports on financial accounts maintained by Philippine residents in US financial institutions. ...

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