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Singapore has signed another agreement on the avoidance of double taxation.


				25.10.2012
						

 
  
Singapore and Jersey signed an Agreement on avoidance of double taxation. This agreement has not entered into force, as it is in the process of ratification in both countries.

 
  
 
    

   

 
  
This agreement applies to the residents of each of their countries or to residents of both countries and relates directly to the income tax.

 
  
 
    

   

 
  
Taxable incomes are listed in the Agreement. They are the income from the property, business, transportation by sea and air transport, dividends, royalties, capital gains, pensions and so on.

 
  
 
    

   

 
  
In addition, in accordance with the Agreement, the parties should exchange of tax information in order to implement the provisions of this Agreement and the enforcement of the domestic laws. Such information is confidential and shall be provided only for state bodies and persons engaged in the forced collection of taxes and investigation of crimes in this sphere.

 
  
 
    

   

 
  
 

  		

	
		
	
		
Expert’s opinion

	


Recently, Singapore is seriously undertaken for the simplification of tax procedures and increase in volume of agreements on avoidance of double taxation.

 

 
  

 

 

Only for last three months, Singapore concluded 2 of such agreements (with the Isle of man and, accordingly, Jersey), signed 4 of the Protocol to such agreements (with Italy, Bahrain, Vietnam and Canada), and also ratified the Agreement with Switzerland, which in August entered into

 

force.

 

 
  

 

 

It should be noted that Singapore is trying to create the most favorable conditions for establishing and operating business on the international scale and concludes only very profitable for itself and employers contracts.

 

										
Egurtsova Yulia									     ( Paralegal of Moscow office Company Honest&Bright)
									

	
	
	
					
	
	
	


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