PH, Cambodia to seal double taxation treaty

Published January 6, 2020, 12:00 AM

by manilabulletin_admin

 

Finance Undersecretary Antonette Tionko (left) met with the General Department of Taxation of the Ministry of Economy and Finance of the Kingdom of Cambodia, represented by Deputy Director General Bun Neary, to discuss and agree on the major provisions in the proposed double taxation agreement between the two countries. (DOF Photo)
Finance Undersecretary Antonette Tionko (left) met with the General Department of Taxation of the Ministry of Economy and Finance of the Kingdom of Cambodia, represented by Deputy Director General Bun Neary, to discuss and agree on the major provisions in the proposed double taxation agreement between the two countries. (DOF Photo)

 

By CHINO S. LEYCO

The Philippines and Cambodia would reach an agreement on the avoidance of double taxation on the individuals and companies, the Department of Finance (DOF) said yesterday.

In a statement, the DOF said that the two southeast Asian nations made a substantial progress during the second round of their negotiations on the provisions of the double taxation agreement (DTA).

Finance Undersecretary Undersecretary Antonette Tionko, who led the Philippine delegation, reported to Finance Secretary Carlos G. Dominguez III that Cambodia has agreed to “the majority of the proposals” submitted by Manila.

“The negotiation was held in a friendly, cooperative and constructive atmosphere of mutual understanding, with a frank exchange of information and ideas,” said the DOF-led delegation in its report to Dominguez.

Tionko, as head of the DOF’s Revenue Operations Group and chairperson of the International Tax Policy Technical Working Group, held the negotiations last December in Siem Reap, Cambodia.

The delegation included Finance Assistant Secretary Dakila Napao, Bureau of Internal Revenue (BIR) Deputy Commissioner Marissa Cabreros and other representatives from the DOF and BIR.

Deputy Director General Bun Neary of the General Department of Taxation led the Cambodian side.

The meeting followed the first round of discussions on the DTA hosted by the DOF in Manila in June last year.

The Philippines currently has existing DTAs with several countries, including the United States, Switzerland, the United Kingdom and Northern Ireland, United Arab Emirates, Thailand, Australia and Germany.

It is also currently holding talks with Ireland on a possible DTA.

 
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