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The Philippines is set to sign an agreement with Cambodia next year that would eliminate double taxation, while negotiating similar deals with other peers in the Association of Southeast Asian Nations (Asean) in a bid to ease exporters’ tax burden.
In a statement on Tuesday, the Department of Finance (DOF) said the move would increase the competitiveness of Filipino products in the Cambodian market.
The double taxation agreement (DTA) was supposed to be signed in October this year, but it was delayed after Cambodian officials had requested for the deal to be signed in February next year instead.
“These agreements protect our tax rights while facilitating cross-border trade and investment. Expanding our DTA network, particularly within Asean, allows Filipino businesses to diversify their markets with fewer tax burdens, boosting their competitiveness abroad,” Finance Undersecretary Charlito Mendoza said.
