MANILA, Philippines - The Senate on Tuesday approved on third and final reading three resolutions ratifying international treaties of the country with France, Qatar and Kuwait on the avoidance of double taxation and prevention of fiscal evasion on income taxes.
Senator Loren Legarda, sponsor of said resolutions, said the ratification of treaties will allow the states to better enforce laws covering tax evasion. Moreover, this will allow better information exchange between the countries.
"Consequently, the role of international cooperation, as carried out through each country’s implementation of international standards of transparency and exchange of information for tax purposes has become more and more critical," Legarda said in a statement.
Resolution 919 will amend the existing treaty between the country and France and push for the exchange of information on tax administration, including bank information.
The other two resolutions, numbers 920 and 921, amends treaties with Kuwait and Qatar and are seen to eliminate double taxation for firms.