Double Tax Treaties in Singapore
Double Tax Treaties in SingaporeUpdated on Tuesday 29th November 2022
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International tax treaties in Singapore
The numerous tax treaties signed by the city-state during time provide an advantageous taxation system to investors establishing companies in Singapore. Singapore has an extended network of double taxation agreements (DTAs) that prevent double taxes to be levied on the same income of a taxpayer. Singapore’s double tax treaties establish tax rights on different types of incomes, including incomes earned from cross-border trading activities and exemptions applied to certain incomes. Lately, Singapore has started amending its double tax agreements with protocols for exchange of tax information. Among other tax treaties Singapore signed are:
- - limited tax treaties,
- - exchange of information agreements,
- - conventions on mutual administrative assistance in tax matters,
- - international tax compliance agreements.
What are the benefits of Singapore’s double taxation agreements?
The greatest benefit of a double taxation agreement is the security it provides in terms of when and how a tax is levied on an income made in a certain country, thus defining the authority on cross-border transactions. Singapore’s double taxation agreements also define the rights of each country the city-state has concluded a DTA with. The new protocols added to the DTAs are meant to prevent international tax evasion. The double taxation treaties Singapore signed also define the terms tax relief can be claimed under. Singapore’s double tax treaties cover many types of income, among which:
- - income from immovable property in Singapore,
- - dividends, interests and royalties,
- - capital gains,
- - business profits earned by Singapore companies,
- - non-governmental pensions.
You can contact our law firm in Singapore for details about all the types of incomes covered by double taxation agreements.
What are the most recent double tax treaties Singapore concluded?
The first double tax treaty Singapore signed is with Australia and it dates back in 1969. During time, Singapore signed DTAs with countries like Belgium, Bulgaria, China, Canada, Cyprus, Russia, Hungary, Finland, Switzerland and Turkey.
Among the last double taxation agreements Singapore signed are with the United Arab Emirates, Liechtenstein, Kazakhstan, Azerbaijan, Austria, Poland, Portugal and Luxembourg.
Our lawyers in Singapore will provide you information about all the double tax treaties the city-state signed.