PH, Brunei ink agreement against double taxation

enablePagination: false
maxItemsPerPage: 10
totalITemsFound:
maxPaginationLinks: 10
maxPossiblePages:
startIndex:
endIndex:

The DOF said the deal was signed Friday morning by Finance Secretary Carlos Dominguez III and Yang Berhormat Dato Seri Setia Dr. Awang Haji Mohd Amin Liew bin Abdullah — the Minister at the Prime Minister's Office and Minister of Finance and Economy II of Brunei.

Metro Manila (CNN Philippines, July 16) — The Philippines has inked an agreement with Brunei Darussalam aimed at eliminating double taxation and prevent tax evasion on income from cross-border transactions between the two nations, the Department of Finance (DOF) announced on Friday.

In a statement, the DOF said the deal was signed Friday morning by Finance Secretary Carlos Dominguez III and Yang Berhormat Dato Seri Setia Dr. Awang Haji Mohd Amin Liew bin Abdullah — the Minister at the Prime Minister's Office and Minister of Finance and Economy II of Brunei.

"This agreement will serve us well as we bounce back from the ravages of the global health crisis. It will further ease trade in goods and services between our two countries," Dominguez said.

It is also expected to create more job opportunities for Filipinos, the DOF added, noting that addressing double taxation can help usher in more foreign investment inflows from Brunei, or get more nationals employed there.

The department said the agreement will also strengthen Manila's commitment to the ASEAN Forum on Taxation on building a network of double taxation deals among member nations.

The Philippines and Brunei began talks on a double taxation agreement in 2001 in Brunei and resumed the negotiations in 2010 in Manila.

A draft of the agreement was then approved in August 2017 — with the DOF concurring to its signing in May 2019.

This July, the Department of Foreign Affairs endorsed to the Office of the President the granting of full powers to the DOF to sign the deal.