NEGOTIATIONS for a double-taxation agreement (DTA) are expected to conclude soon with both sides in substantial agreement on many points, the Department of Finance (DoF) said.
Undersecretary Antonette C. Tionko said Cambodia has agreed to “the majority of the proposals of the Philippines” on the provisions of their proposed DTA during the second round of negotiations in December.
“The negotiation was held in a friendly, cooperative and constructive atmosphere of mutual understanding, with a frank exchange of information and ideas,” according to the DoF-led delegation’s report.
A DTA is a tax treaty that seeks to prevent a scenario where individuals and organizations residing or operating in other countries are taxed by both jurisdictions for the same income.
Currently, the Philippines has DTAs with the US, Switzerland, the UK, the United Arab Emirates, Thailand, Australia and Germany.
A possible DTA is also now being discussed with Ireland.
The Philippine delegation, led by Ms. Tionko, met with its counterparts in Cambodia on Dec. 11 to 13. — Beatrice M. Laforga