Singapore And Saudi Arabia Sign Agreement To Avoid Double Taxation
Singapore and Saudi Arabia today signed an Agreement for the avoidance of double taxation (“DTA”).
Singapore’s Minister for Foreign Affairs Mr. George Yeo signed the Agreement in Riyadh with Saudi Arabia’s Minister of Finance Dr. Ibrahim A. Al-Assaf.
The new DTA is expected to further enhance the strong bilateral trade links by minimising the double taxation of income that may occur as a result of cross-border economic activities between the two countries.
Both Countries desire to conclude an Agreement for the avoidance of double taxation and the prevention of tax evasion with respect to taxes on income.
Amongst other provisions, the DTA includes the internationally agreed Standard for the exchange of information upon request for tax purposes, provides for lower withholding taxes, and sets out permanent establishment rules for businesses.
The full text of the protocol will be made available on the Inland Revenue Authority of Singapore’s (IRAS) website at http://www.iras.gov.sg.
The DTA will enter into force after it is ratified by both countries.
Topics: 2010, business, double taxation, Dr. Ibrahim A. Al-Assaf, DTA, economic development, economic growth, Economy, exchange of information, global finance rules, Governance, government, income, investment, moniter, monitor, Mr. George Yeo, news, OECD Whitelist, Organization for Economic Cooperation and Development, Riyadh, Saudi Arabia, Singapore, society, tax, tax protocol, taxes
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