PH, Italy sign amendments in Double Taxation Agreement

The Philippines and Italy finalized on Monday, amendments to its double taxation agreement (DTA), allowing both countries to trading tax information preventing international fiscal evasion.

Photo credits: www.mcap.ph and www.ambmanila.esteri.it
The negotiation was originally signed on December 5, 1980.

The signing of the amended Double Taxation Agreement (DTA), led by Finance Secretary Cesar Purisima and Italian Ambassador to the Philippines Massimo Roscigno, was described by Purisima as a positive step towards competitiveness and fairness in taxation between our countries.

Purisima urges Italy to remove PH from its blacklist of tax havens:

“We welcome the signing of the Philippine-Italy Double Taxation Agreement 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,” he said.

In particular, the signing amended Article 25 of the Italy-Philippines DTA 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 (UN), incorporating changes in the tax system of Italy.

The Protocol will need to be subsequently ratified and concurred into by the respective authorities of both governments.

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The author works as an Online Publisher for a Filipino News Channel. He is an events enthusiast and an aspiring photographer. You may check his works at carlovalenzona.com/thewebmagazine and his reviews about different spas in Manila at 100spa.blogspot.com