Avoidance of Double Taxation Agreement (DTA)

On 18 October 2010 Singapore and Panama signed an Agreement for the avoidance of double taxation. Singapore’s Minister for Foreign Affairs Mr. George Yeo signed the treaty in Singapore with the Panamanian Vice President and Minister of Foreign Relations, Mr. Juan Carlos Varela.

Singapore and Ireland signed an Agreement for the avoidance of double taxation on 28 October 2010. The signing took place in Singapore between Mr. S. Iswaran, Senior Minister of State for Trade and Industry and Education, and Mr. Conor Lenihan T.D., Ireland’s Minister for Science, Technology, Innovation and Natural Resources.

The Third Protocol to the existing Agreement for the Avoidance of Double Taxation (DTA) between Singapore and the People’s Republic of China, which incorporates the internationally agreed Standard for exchange of information into the DTA, entered into force on 22 October 2010.

DTAs aim to help boost bilateral trade and investment by minimising the double taxation of income that may occur as a result of cross-border economic activities between the countries. Amongst other provisions, the DTAs include the internationally agreed Standard for the exchange of information for tax purposes upon request, provides for lower withholding taxes for dividends, interest and royalties, and sets out permanent establishment rules.