BANDAR SERI BEGAWAN - The Philippines signed an agreement with Brunei Darussalam for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income on 16 July 2021 at the Empire Brunei Hotel in the Sultanate’s capital.

Secretary of Finance Carlos G. Dominguez III signed the agreement on behalf of the Government of the Republic of the Philippines while Minister of Finance and Economy II Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah signed on behalf of the Government of His Majesty The Sultan and Yang Di-Pertuan of Brunei Darussalam.

The agreement is expected to enhance economic, trade and investment cooperation between the Philippines and Brunei through the reduction of tax liability from both jurisdictions and greatly benefit the business and finance sectors of both countries.

In addition, the agreement will facilitate the exchange of information between the two countries with regard to taxation matters in accordance with internationally agreed tax information exchange standards.

Prior to the signing of the agreement on double taxation, the Philippines and Brunei last signed a Memorandum of Understanding on Halal Industry and Halal Export Development and Promotion in April 2017.

Philippine Ambassador to Brunei His Excellency Christopher B. Montero witnessed the signing ceremony. Also in attendance were high officials of the Ministry of Finance and Economy of Brunei Darussalam. END.