Saturday, May 18, 2024

Brunei and Philippines Sign Agreement to Avoid Double Taxation

Brunei and the Philippines have come to a mutual agreement to fortify economic relations between the two nations. The consensus, known as The Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income (double taxation agreement or DTA) was signed on July this year.

The agreement is targeted at removing double taxation and fiscal evasions on taxes from the two country’s cross-border transaction, and will eventually assist both countries in post-pandemic responses by strengthening trade transactions and investments.

In addition to that, the agreement is foreseen to further drive technology and skills transfer between the two nations.

With DTA, job opportunities in Brunei and the Philippines are expected to rise as it will bring more foreign direct investments and employments. 

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