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PH, Cambodia expected to remove double taxation this year

Philippines | National

PH, Cambodia expected to remove double taxation this year

By Joseph Pedrajas

The Philippines and Cambodia are expected to remove this year taxation that is doubly imposed on their local businesses and individuals following negotiations that happened in Manila on Tuesday, Aug. 27.

Foreign Affairs Secretary Enrique Manalo and Cambodian Deputy Prime Minister Chenda Sophea sat down for the 4th Philippines-Cambodia Joint Commission for Bilateral Cooperation (JCBC), where both officials looked forward to the signing of an agreement on avoidance of double taxation this year.

Photo courtesy of Foreign Affairs Secretary Enrique Manalo

In June, Manila and Phnom Penh concluded nearly five years of talks on a double taxation avoidance agreement (DTAA), which will enable the two countries to mitigate the burden of double taxation on businesses and individuals.

The agreement would set a precedent for future collaborations between two countries in various sectors, such as education, tourism, and technology, as it is expected to outline the allocation of taxing rights between the two countries, provide mechanisms to resolve tax disputes, and include provisions for the exchange of information to prevent tax evasion.

"I am optimistic that the strengthening of our bilateral relations will benefit our peoples and the rest of the region," Manalo said in his remark.

Manila and Cambodia also committed to expedite the conclusion of agreements on agriculture, labor, technical and vocational education, and the prevention of looting and illicit trafficking of cultural artifacts within the year.

Manalo and Sophea even exchanged views on pressing regional and international issues, such as the situation in the South China Sea, Myanmar, and Gaza, and reaffirmed their commitment to advancing promote peace and stability in the region.

"I reaffirm the Philippines’ commitment to remain a steadfast partner of Cambodia and to work closely to promote peace and prosperity in the region," Manalo said.

Related Tags

double taxation Enrique Manalo Cambodia

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