Brunei signs agreement with the Philippines on double taxation


People shop at a special night market organized for Sultan Haji Hassanal Bolkiah's 75th birthday celebration in Bandar Seri Begawan, capital of Brunei, on July 16, 2021. Brunei celebrated Sultan Haji Hassanal Bolkiah's 75th birthday on Thursday with various activities, as the country has recorded 436 days without local Covid-19 infection cases. - Xinhua

BANDAR SERI BEGAWAN, July 17 (Borneo Bulletin/ANN): Brunei and the Philippines signed an agreement for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income at the Empire Brunei.

Signing on behalf of the Government of His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam was Minister at the Prime Minister’s Office and Minister of Finance and Economy II Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah. Signing on behalf of the Government of the Republic of the Philippines was Secretary of Finance of the Republic of the Philippines Carlos Garcia Dominguez lll.

Dato Seri Setia Dr Awang Haji Mohd Amin Liew said that both countries signed a memorandum of understanding (MoU) during His Majesty’s state visit to the Philippines in 2017, to explore opportunities in the emerging global market for Halal products and services, while facilitating Halal export development and promotion programmes between both sides.

He added, “I am also encouraged that our trade figures showed an upward trend over the years, whereby in 2020, despite the Covid-19 outbreak, recorded an increase of 18 per cent from the previous year.

“There are, of course, more opportunities that we should explore to further enhance our trade and investment engagements. Brunei Darussalam has accelerated efforts to develop its non- oil and gas sector by encouraging participations from more foreign direct investment (FDI) and local entrepreneurs.

"For FDI, we are looking at five clusters – food, information and communication technology (ICT), tourism, services and downstream industries, and I certainly welcome investors from the Philippines to explore these business prospects.

“Over the past year and a half, the Covid-19 pandemic has caused unprecedented disruptions to people’s lives and businesses globally, including Brunei and the Philippines. The international community has come together to carry out collective actions to fight against this common enemy," Dr Awang said.

The Ministry of Finance and Economy (MoFE) also said in a statement that the signing will facilitate the Government of Brunei Darussalam and Government of Republic of the Philippines in exchanging information, while ensuring greater transparency on tax matters to be in line with developed global standards. - Borneo Bulletin/ANN

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