The Department of Finance (DOF) on Tuesday said it led formal negotiations to update the Philippines-Japan Double Taxation Convention (DTC).
The talks were held from January 27 to 30.
“As one of the Philippines’ most vital and enduring economic partners, the negotiation with Japan underscores our countries’ mutual commitment to strengthening partnership by providing a clear, modern, and equitable tax treaty framework,” said Finance Secretary Frederick Go.
The DOF said the updated DTC was finalized after a single round of formal negotiations.
The DTC covers income taxation for citizens and residents of both the Philippines and Japan.
The tax treaty defines how each nation will…