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Manila Bulletin devider Business devider Philippines, Laos conclude first round of double taxation deal talks

Philippines, Laos conclude first round of double taxation deal talks

Published Dec 10, 2024 04:09 am

The Philippine government has recently completed the first round of negotiations for a Double Taxation Agreement (DTA) with the Lao People's Democratic Republic (Lao PDR) in a bid to prevent double taxation and tax evasion in cross-border transactions.

"The DTA aims to eliminate double taxation on income taxes and prevent opportunities for non-taxation or reduced taxation through tax evasion or avoidance in cross-border transactions of Philippine and Lao PDR taxpayers," the Department of Finance (DOF) said in a Dec.10 statement.

The DOF led the country's negotiations from Dec. 4 to 6 in Luang Prabang, Laos, as part of its commitment to completing the ASEAN DTA network under the ASEAN Forum on Taxation.

DOF Secretary Ralph G. Recto said this effort reflects the department's "strong commitment to safeguarding the integrity of our tax system by closing loopholes and preventing tax evasion."

"More importantly, it symbolizes our collective resolve to deepen economic cooperation and strengthen diplomatic ties between the Philippines and Lao PDR," Recto added.

He points to this collaboration in addressing cross-border taxation issues as a way to foster "greater trade, investment, and development opportunities."

For Laos' part, Saymanolinh Sinbandhit, deputy director of the Lao tax department, said Lao PDR aims to strengthen its cooperation with other countries and expand the DTA network through these negotiations.

The DOF noted that Lao PDR is currently ranked 84th among the Philippines’ trading partners.

"Priority sectors for investment promotion to Lao PDR include business services, consumer brand marketing companies, industrial goods marketing companies, agro and food processing, and training institutions," it added.

The Philippine delegation to the negotiations included key officials from the DOF, Bureau of Internal Revenue (BIR), and the International Tax Affairs Division, while the Lao PDR delegation consisted of tax and legal experts from various divisions.

Within the ASEAN region, the Philippines has so far established DTAs with Brunei Darussalam, Indonesia, Malaysia, Singapore, Thailand, and Vietnam.

It has also recently finalized DTA negotiations with Cambodia and is set to sign the agreement in February next year.

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Department of Finance (DOF)
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