top of page

Philippines senate passes tax, social security pacts with Brunei, South Korea



The Philippine Senate unanimously passed resolutions SRN 790 and 878, supporting tax and social security agreements with Brunei and South Korea. SRN 790 endorses the Philippines-Brunei deal to eliminate double taxation and tax evasion in cross-border transactions, with provisions for taxing business profits and independent professionals. It also includes tax exemptions for visiting educators, students, and trainees. SRN 878 ratifies an updated social security agreement with South Korea, ensuring parity in benefits for Filipino workers, dependents, and survivors. It maintains Filipino workers' contributions within Korea's National Pension Service, with refund options after employment. The agreement also facilitates the totalisation of insurance periods and mutual claim filing assistance. The Social Security Agreement, signed in 2019, enhances financial and professional cooperation between the countries.

Comments


bottom of page