As of 26 March 2025, officials from Iceland and the Philippines recently convened to explore opportunities for bilateral cooperation, focusing on initiating negotiations for an income tax treaty.
Iceland’s non-resident Ambassador to the Philippines announced that both countries are also exploring an investment protection agreement (IPA) after a meeting.
Any resulting agreement would be the first between Iceland and the Philippines. The agreement aims to eliminate double taxation on income and capital while tackling issues of tax evasion and avoidance between the two nations.
To take effect, both parties must finalise, sign, and ratify the treaty.