Rp Renegotiates 36-Year-Old Tax Treaty With Us

[Mr Lee]

This could prove to be costly for some if the law is changed. The whole story hereUnder the treaties, the business profits of a resident of another country with whom the Philippines has a tax treaty are taxable in the Philippines only if the resident has a permanent establishment in the Philippines to which the profits are attributable.

[Mik]

The Finance department vowed to plug tax leakages as foregone revenues due to tax cheats reached an alarming level of P250 billion instead of introducing new tax measures including the imposition of higher excise tax on sin products particularly cigarettes and alcohol products.

Looks like they're doing the right thing..