According to a press release issued 14 December 2015, the Philippine Senate has ratified the pending income tax treaty with Turkey. The treaty, signed 18 March 2009, is the first of its kind between the two countries.
Taxes Covered
The treaty covers Philippine income taxes and stock transactions tax. It covers Turkish income tax, corporation tax and levies on those taxes.
Service PE
The treaty includes the provision that a permanent establishment will be deemed constituted when an ente…