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Phlippines Ratifies Tax Treaties

by Mary Swire,, Hong kong

17 December 2015

Legislation for the ratification of double tax avoidance treaties between the Philippines and the governments of Germany, Italy, and Turkey has been approved by the Filipino Senate.

Senator Juan Edgardo Angara, the sponsor of three Senate resolutions passed on December 14, said the new tax treaties would avoid instances of double income taxation, which he said pose "a considerable barrier to trade and investment." The treaties will also help improve the country's business climate and encourage more foreign direct investment, added Senate President Franklin M. Drilon.

The tax treaty with Turkey was signed on March 13, 2009. The treaties with Germany and Italy were signed in 2013, on September 9 and December 9, respectively.

According to Angara, Germany was the Philippines' top trading partner in Europe and its eighth-largest worldwide in 2014, with bilateral trade amounting to USD5.35bn. The value of bilateral trade with Italy was USD542m. Goods and services traded with Turkey totaled USD138.8m.

TAGS: tax | investment | business | double tax agreement (DTA) | tax avoidance | law | Philippines | Germany | Italy | standards | trade | Turkey | services | Europe

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