The Department of Finance (DOF) is strengthening the Philippines’ network of Double Taxation Agreements (DTAs) to assist local businesses in their global expansion efforts.
Undersecretary Charlito Martin Mendoza made this pronouncement at the 6th Financial Executives Institute of the Philippines Cebu Summit on November 15, a DOF statement on Tuesday said.
Mendoza said the Philippines will sign its DTA with Cambodia next year while negotiations for a DTA with Lao PDR are ongoing.
The DOF is also planning to renegotiate the DTAs with Indonesia, Malaysia and Singapore.
“These agreements protect our tax rights while facilitating cross-border trade and investment,” Mendoza said.
“Expanding our DTA network, particularly within Asean, allows Filipino businesses to diversify their markets with fewer tax burdens, boosting their competitiveness abroad,” he added.
The agency is also strengthening transparency and compliance through partnerships like the Mutual Administrative Assistance in Tax Matters and the Automatic Exchange of Information to safeguard tax revenues and help create a fair, rule-based system for businesses operating across borders.
In the same event, Mendoza identified digitalization, sustainability and diversification as pillars of the government’s policies in making businesses prosper and in future-proofing the economy.
“(We are committed) to implementing economic policies and revenue operations that are both forward-thinking and adaptable,” Mendoza said. “Through digitalization, sustainability and diversification, we are laying the groundwork for businesses to realize both short-term wins and long-term viability,” he added.
