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NEWS UPDATES Asean Affairs   26 June 2013  

Philippines signs new tax bilateral treaty with Thailand

After more than 14 years of discussions, the Philippines and Thailand have finally signed a new bilateral tax treaty.

Top officials of the Bureau of Internal Revenue (BIR) said the two countries decided to revise the 31-year-old accord to make it more relevant to present day tax conditions.

The agreement was signed by Foreign Affairs Secretary Alberto del Rosario and Thailand Deputy Prime Minister of Foreign Affairs Surapong Tovichakchaikul at the Department of Foreign Affairs last week.

At present, Manila has tax treaty arrangements with 36 other countries, including the United States, Canada, Japan, Italy, France, Australia and other European and South-East Asian states.

The tax treaty convention is aimed at promoting international trade and investments, eliminating double taxation of income of its citizens and corporations.

To illustrate, revenue officials said if boxing champion Manny Pacquiao pays income tax in the United States for his prize money, that payment is deductible from his income tax liabilities here.

The tax agreement is also intended for the contracting countries to better enforce their tax and other domestic laws, and reduce the incidence of tax evasion via exchange of information.



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ASEAN  ANALYSIS

This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More

 

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