THE PHILIPPINE Senate ratified on Wednesday a social security treaty with South Korea and an agreement with Brunei Darussalam on deterring tax evasion and double taxation in cross-border transactions.
During the plenary session, senators unanimously voted in favor of separate resolutions of concurrence to the international agreements.
Under the South Korea Social Security Treaty, which was signed by former President Rodrigo R. Duterte in 2019, overseas Filipino workers (OFWs) in Korea are allowed to a refund of their contributions to South Korea’s National Pension System (NPS) after they end employment in the country.
The deal also allows OFWs to continue receiving insurance coverage and other social protection benefits where they decide to reside.
On the other hand, the 2021 deal with Brunei seeks to eliminate double taxation and tax evasion in sales and profits between the two countries through a collaboration between the tax authorities of both states. — John Victor D. Ordoñez
