Philippines and Brunei signed a tax treaty on July 16, 2021.
Philippine Finance Secretary Carlos Dominguez said the tax treaty will strengthen economic cooperation and enhance investment flows and economic activity between the two countries. He assured the Philippines’ commitment to continue and deepen the coordination with the tax authorities of Brunei in ensuring the proper implementation of the tax treaty and the enforcement of relevant tax laws.
Dominguez said: “The tax treaty will serve us well as we bounce back from the ravages of the global health crisis. It will further ease trade in goods and services between our two countries. Moreover, it will strengthen our economic cooperation and enhance investment flows and economic activity across our borders. I look forward to heightened cooperation between our two countries as we both exert all our efforts to recover from the pandemic and rebuild the best possible future for our two peoples.”