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India, Philippines To Revise DTA

by Mary Swire,, Philippines

18 October 2011

India’s Finance Minister Pranab Mukherjee has confirmed that there are on-going negotiations for a revision of the existing double taxation agreement (DTA) between India and the Philippines.

Mukherjee said that there is a need for a legal framework for the exchange of information between the two countries relating to banking and tax-related matters, and that he had raised the issue during his recent bilateral meeting with Philippines’ Finance Secretary, Cesar Purisima. It is hoped that the revised DTA may be signed in January next year.

Purisima, himself, added that that he would take the matter up with his colleagues in the Finance Department in Manila in order to expedite the finalization of the updated agreement between the two countries.

Satisfaction was also expressed by Mukherjee at the ratification notice by both countries for the entry into effect of the India-Association of Southeast Nations free trade agreement (FTA) from June 1, 2011.

He stated that there has been a steady growth of bilateral trade which has increased from USD443.6m in 2003-04 to USD1.1bn in 2009-10, and expected that it will certainly increase even further with the scaling down of tariff lines on goods by both the countries under the FTA.

TAGS: tax | free trade agreement (FTA) | double tax agreement (DTA) | India | law | banking | tariffs | Philippines | agreements | legislation | legislation amendments | trade

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