After two decades of negotiations, the Philippines and Brunei Darussalam have signed an agreement to prevent double taxation and fiscal evasion.
Finance Secretary Carlos Dominguez said the “double taxation agreement” (DTA) would remove bottlenecks, while also improving flow of trade and investments between the two countries.
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While the DTA would create jobs for Filipinos in either country, it would also encourage investors to move to the Philippines besides providing work opportunities for migrants in Brunei.
Noting that the agreement would help in recovering from the ravages of the global health crisis, he said it would also strengthen economic cooperation and enhance investment flows and economic activity alongside the transfer of technology and skills between both countries.
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The DOF would work with its finance counterparts in Brunei for building collaboration between tax regulators and enforcing the DTA and fiscal laws, he added. (AW)
