The Philippines has been added to the list of jurisdictions that “have substantially implemented the internationally agreed tax standard,” according to a statement issued by the Organisation for Economic Co-operation and Development.

The state passed legislation earlier this year, followed up this week by an issue of regulations to begin its implementation. The new legislation will remove domestic legal restrictions which earlier prevented the country’s tax authorities from obtaining and exchanging certain types of tax information.

The Philippines has a network of more than 30 treaties that provide for exchange of information in tax matters; the implementation of the new legislation will enable many of the existing treaties to meet the international standard.