On February 19 the Philippines Senate adopted three resolutions ratifying agreements for the avoidance of double taxation with Mexico, Thailand, and Sri Lanka.
The original double taxation avoidance agreement (DTTA) was signed with Mexico on November 15, 2017. The agreement with Thailand was signed on June 21, 2013, while the agreement with Sri Lanka was signed on December 11, 2000.
The agreements are intended to promote international trade and investment “by allocating taxing jurisdiction between the Contracting States to eliminate or mitigate double taxation on income,” according to Senator Loren Lagarda.
“The DTTAs also aim to create a competitive advantage for each country’s residents by removing or reducing source taxation, encourage investors and promote the inbound transfer of technology and skills,” Legarda added.
