New tax treaty with Japan nears

The Philippines and Japan are expected to sign a new double taxation convention (DTC) on the sidelines of President Ferdinand R. Marcos Jr.’s ongoing state visit to Tokyo.

- By DERCO ROSAL

ECONOMIC BRIEFING - Speakers at a Philippine Economic Briefing (PEB) in Singapore (from left) Budget Secretary Amenah Pangandaman, Finance Secretary Benjamin Diokno, Socioeconomic Planning Secretary Arsenio Balisacan, and Bangko Sentral ng Pilipinas Governor Felipe Medalla. (From right) DBS Bank Ltd. Group CEO Piyush Gupta, SM Investments Corp. Vice Chairperson Teresita Sy-Coson, Ayala Corp. Chairman Jaime Augusto Zobel de Ayala, and Aboitiz Equity Ventures President and CEO Sabin Aboitiz. The PEB was held at the Ritz-Carlton Millenia Singapore on June 15, 2023. (Photo courtesy of the Department of Finance)

Department of Finance (DOF) Assistant Secretary Euvimil Nina R. Asuncion told Manila Bulletin on Wednesday, May 27, that the Philippine-Japan DTC will possibly be signed before the end of the President’s engagements in Tokyo on Friday, May 29.

It appears that this DTC may be the only agreement signed between Philippine and Japanese officials during the state visit.

The development comes after Finance Secretary Frederick D. Go met with Japanese Ambassador to the Philippines Endo Kazuya last week to discuss the continued strengthening of bilateral economic cooperation.