Resolution Concurring in the Ratification of the Convention between the Philippines and Sri Lanka for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income

February 19, 2018

SENATE RESOLUTION NO. 090

RESOLUTION CONCURRING IN THE RATIFICATION OF THE CONVENTION BETWEEN THE GOVERNMENT OF THE REPUBLIC OF THE PHILIPPINES AND THE GOVERNMENT OF THE DEMOCRATIC SOCIALIST REPUBLIC OF SRI LANKA FOR THE AVOIDANCE OF DOUBLE TAXATION AND THE PREVENTION OF FISCAL EVASION WITH RESPECT TO TAXES ON INCOME

WHEREAS, the Constitution, Article VII, Section 21, states: "No treaty or international agreement shall be valid and effective unless concurred in by at least two-thirds of all the Members of the Senate";

WHEREAS, the Convention between the Government of the Republic of the Philippines and the Government of the Democratic Socialist Republic of Sri Lanka for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income was signed on 11 December 2000 in Manila, Philippines;

WHEREAS, the Convention covers persons who are residents of one or both of the Contracting Parties with respect to the application of taxes on income and on capital imposed on behalf of a Contracting State or any of its political subdivisions or local authorities, irrespective of the manner in which they are levied;

WHEREAS, the Convention promotes international trade and investment, primarily by allocating taxing jurisdiction between the Contracting States to eliminate or mitigate double taxation on income;

WHEREAS, the Convention aims to permit the Contracting States to better enforce their domestic laws in order to reduce tax evasion;

WHEREAS, the President of the Philippines ratified the Convention on 3 March 2017 and submitted it to the Senate for concurrence, in accordance with the Constitution;

WHEREAS, in the hearing conducted by the Senate Committee on Foreign Relations on 6 February 2018, the following government agencies endorsed the concurrence to the ratification of the Convention:

1) Department of Foreign Affairs;

2) Department of Justice;

3) Department of Finance; and

4) Bureau of Internal Revenue.

Now, therefore, be it

Resolved, That the Philippine Senate concur, as it hereby concurs, in the Philippine ratification of the Convention between the Government of the Republic of the Philippines and the Government of the Democratic Socialist Republic of Sri Lanka for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income.

Resolved, finally, That the President of the Philippines may, with the concurrence of two-thirds of all the Members of the Senate, withdraw from the Convention. TIADCc

Adopted,

(SGD.) AQUILINO "KOKO" PIMENTEL IIIPresident of the Senate

This Resolution was adopted by the Senate on February 19, 2018.

(SGD.) LUTGARDO B. BARBOSecretary of the Senate