The governments of the Philippines and Ireland recently held the first round of negotiations on a pact to avoid double taxation on individuals and companies from both countries.
Finance Undersecretary Antonette Tionko said the first round of talks held recently in Manila covered discussions about how to avoid double taxation on income and capital gains while also preventing tax evasion.
The Philippines currently has existing agreements avoiding double taxation with several countries, including the United States, Switzerland, the United Kingdom and Northern Ireland, United Arab Emirates, Thailand, Australia and Germany.
Treaties preventing double taxation would benefit citizens of countries that are party to the pacts from being taxed by the country in which he works and also by the country of his origin./TSB