Image from Philippine Daily Inquirer/ANN.
MANILA (Bernama-Xinhua): The Philippines and Cambodia have signed a double taxation agreement (DTA) to boost business confidence, increase trade, and spur economic growth between the two nations, the Philippines' Department of Finance (DOF) has announced.
Philippine Finance Secretary Ralph Recto said, "the signing of the DTA is a crucial step towards improving the integrity of our tax system.”
"By eliminating tax barriers and ensuring a fair and transparent framework, we are attracting greater foreign investments into the Philippines and reinforcing our trade ties within the region," Recto said.
The DTA is designed to eliminate double taxation on income earned in the Philippines and Cambodia, prevent tax evasion, and enhance economic cooperation, in line with commitments under the Asean Forum on Taxation, the DOF said in a press release.
The agreement was finalised following three rounds of negotiations between the two countries. The third and final round was completed in Manila in April 2024, the DOF said.
This initiative is set to take effect following ratification by the respective legislative bodies in the Philippines and Cambodia, it added. - Bernama-Xinhua
