(Eagle News) – The Department of Finance has met with the outgoing Russian ambassador H.E. Igor Khovaev to discuss the continued strengthened economic cooperation between the Philippines and Russia, including a possible agreement on cooperation regarding customs and help in setting up a more efficient tax collection system.
Finance Secretary Carlos Dominguez III met last week with Ambassador Khovaev when the diplomat made a farewell courtesy call to the DOF.
The ambassador also discussed a possible cooperation agreement between the Philippine Bureau of Customs (BOC) and the Federal Customs Service of Russia.
Dominguez in turn asked Ambassador Khovaev to help the Philippines, particularly the Bureau of Internal Revenue (BIR) to set up a system for efficient value-added tax (VAT) collection structure such as what they have in Russia.
“Ambassador Khovaev said that Russia has shared its VAT collection technology with other countries and would assist the BIR in its effort to improve its system,” the DOF said in a release.
During the meeting, Dominguez and the Russian ambassador also discussed about a possible agreement on energy cooperation to help boost the Philippines’ power generation capacity.
Ambassador Khovaev also mentioned the possibility of producing and distributing in the Philippines the vaccine developed by Russia.
(Eagle News Service)