The Philippines and Italy have finalized the protocol amending their double taxation agreement (DTA) signed on December 5, 1980.
The amendment seeks to remove the Philippines from Italy’s blacklist of tax haven countries.
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Philippines secretary of finance Cesar Purisima said: "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."
The signing of the agreement amended in particular 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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By GlobalData
