A double tax treaty allows that tax
paid can be offset in one of two
countries against tax payable in
the other, thus avoiding double
taxation. Singapore is a signatory
to double tax treaties with many
countries throughout the world.
Some forms of income are exempt
from tax or qualify for reduced rates.
These include royalties, dividends
and capital gains.
Signatories to Double Tax Treaties
|Country||Effective from (year)||Country||Effective from (year)|
|Papua New Guinea||1992||Philippines||1977|
|South Africa||1997||South Korea||1981|
There are also limited tax treaties with Chile, Hong Kong, Saudi Arabia and the USA. Further, there are treaties and protocols signed but not yet ratified with Australia, Austria, Bahrain, Belgium, Brunei, Denmark, Finland, France, Georgia, Japan, Libya, Malta, Mexico, Morocco, New Zealand, Qatar, Slovenia and the UK.
Other International Agreements
Singapore has entered into a number of tax information exchange agreements, and has met the OECD’s “white list” requirements. The jurisdiction has also entered into international free trade agreements with Australia, Brunei, Chile, the European Free Trade Association, India, Japan, Jordan, New Zealand, Peru, South Korea and the USA.