Thursday, April 2, 2009

Philippines blacklisted in G-20 LEADERS as Tax Haven

The Philippines together with other two countries (Costa Rica and Uruguay), and the Malaysian territory of Labuan was blacklisted by the G- 20 (group of developed and emerging countries ) yesterday April 20, 2009 as uncooperative tax havens for refusing to adopt new rules on financial transparency. But here's the other bad report, according to G20 leaders, our country as blacklisted, may also be given future tough sanctions like withdrawal of financing by the International Monetary Fund or by the World Bank by if we refuse to give tax informations.

Which means.....

The Philippine government must act now if we do not want to be sanctioned by these global financing Institutions. Legislators and law makers have no choice but to ammend or to remove completely the Philippine Law on Bank Secrecy or Republic Act 1405. The good thing is that people who are inclined to corruption will be simply exposed to the public. The question is who are these corrupt guys who deprives the Filipino people for so many year? Hmmmm, interesting isn't? Will PGMA's administration give in to the demmand of G-20? Let's wait and see!

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