THE PHILIPPINES yesterday approved the
amendments to its double taxation agreement with Italy as the government
seeks to be removed from the latter country’s blacklist of tax havens.
"The Philippines, through the Department of
Finance and the Bureau of Internal Revenue, negotiated and concluded
... the protocol amending the convention between the Philippines and the
Italian Republic for the avoidance of double taxation with respect to
taxes in income and prevention of fiscal evasion," the DoF said in a
statement yesterday.
DoF Secretary Cesar V. Purisima -- who led the signing with Italian
Ambassador to the Philippines Massimo Roscigno -- welcomed the signing
"as a positive step towards competitiveness and fairness in taxation
between our countries."
"We hope that with this move, the Italian authorities would remove the
Philippines from its blacklist of tax havens, for the benefit of
Italians residing in the Philippines and the Filipinos in Italy who
comprise the fourth largest immigrant nationality," Mr. Purisima said in
the statement.
Double taxation treaties seek to harmonize tax requirements between two
countries to avoid the double payment of taxes to host countries and
countries of origin.
The protocol signed yesterday amended Article 25 of the
Philippines-Italy 1980 double taxation agreement on the exchange of
information, "in accordance with the current tax treaty model of the
Organization for Economic Cooperation and Development (OECD) and the
United Nations," the DoF said.
Following the amendments, which will need to be ratified by both
governments, Italy and the Philippines may now exchange tax information
to prevent international tax evasion. -- D.J.B. Evite
source: Businessworld
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