BANDAR SERI BEGAWAN – The Philippines signed an agreement with Brunei Darussalam for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income at the Empire Brunei Hotel in the Sultanate’s capital on 16 July 2021.
Secretary of Finance Carlos G. Dominguez III signed the agreement on behalf of the Government of the Republic of the Philippines while Minister of Finance and Economy II Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah signed on behalf of the Government of His Majesty The Sultan and Yang Di-Pertuan of Brunei Darussalam. Philippine Ambassador to Brunei Darussalam Christopher B. Montero witnessed the signing ceremony.
The agreement is expected to enhance economic, trade and investment cooperation between the Philippines and Brunei through the reduction of tax liability from both jurisdictions benefitting the business and finance sectors, as well as facilitate the exchange of information with regard to taxation matters in accordance with internationally agreed tax information exchange standards between the two countries.
Prior to the signing of the agreement on double taxation, the Philippines and Brunei last signed a Memorandum of Understanding on Halal Industry and Halal Export Development and Promotion in April 2017.
Also in attendance were high officials of the Ministry of Finance and Economy of Brunei Darussalam.
Source: Republic of Philippines Department Of Foreign Affairs