The Philippines and Singapore have concluded negotiations to update their nearly 50-year-old double taxation agreement to reflect changes in their economies and the international tax landscape.
On Friday, the Department of Finance (DOF) announced that negotiators held discussions in Singapore from Sept. 22 to 25 for four days.
The renegotiation will update the agreement first signed by the two countries in 1977.
‘The Philippines is committed to strengthening tax cooperation across the region. The renegotiation of the DTA will help modernize our tax framework to support investment and economic growth while protecting our legitimate taxing rights,’ Finance Secretary Frederick Go said.
The agreement sets a framework to avoid double taxation by defining how each country will levy taxes and apply credits to income taxes already paid by citizens and residents of both countries.