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of <h1>Protocol Clarifies Double Tax Avoidance Agreement: Taxation Rules, Deduction Restrictions, and Branch Profit Remittance Tax Rates</h1> The Protocol outlines provisions related to the Double Tax Avoidance Agreement (DTAA) between two Contracting States. It clarifies that each state can tax its citizens residing in the other state according to domestic laws, without credit under the Convention for such taxes. It restricts deductions for expenses incurred outside the Contracting State as per domestic laws. The tax rate includes the Branch Profit Remittance Tax. If the Philippines agrees to a lower or nil tax rate with a third state, it will inform the other Contracting State, prompting a review to possibly extend similar rates to enterprises of both states. The Protocol is signed in Manila in 1996.
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