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An agreement aimed at eliminating double taxation and preventing fiscal evasion on taxes on income arising from cross-border transactions between the Philippines and Brunei Darussalam was signed recently.
The deal was penned by Philippine 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 on behalf of their respective governments.
Dominguez said this Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion With Respect To Taxes on Income (double taxation agreement or DTA) is expected to further strengthen economic cooperation and enhance investment flows and economic activity between the two countries.
He assured the Philippines’ commitment to continue and deepen the coordination with the tax authorities of Brunei in ensuring the proper implementation of the DTA and the enforcement of relevant tax laws.
Photo: PNA
