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MANILA, Philippines – The Philippines and Japan have signed a renegotiated double taxation agreement, updating a decades-old treaty in a bid to support cross-border investments and business activity between the two countries.
In a statement on Friday, the Department of Finance (DOF) said the two countries signed the Convention for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income during President Marcos’ official state visit to Japan on May 28.
READ: Philippines, Japan finalize amendments to double taxation treaty
“The updated treaty eliminates the risk of double taxation on income earned across both jurisdictions, thereby reducing the cost of doing business and improving tax predictability for both individuals and enterprises,” the DOF said.
