Phl to update double taxation deal with S’pore

The Department of Finance (DOF) announced that the Marcos administration has begun negotiations with the government of Singapore to update their five-decade-old double taxation agreement in line with modern economic demands.

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Finance Secretary Ralph Recto stressed the need to recalibrate the deal, saying its provisions must be updated to reflect the demands and realities of today’s fast-evolving global economy.

“The DOF will ensure that this agreement will be fair and favorable to the Philippines and Singapore so that our investments will grow, creating more jobs for our countrymen,” Recto said.