Singaporean and Georgian Ambassadors and Permanent Representatives to the United Nations have signed a double taxation agreement (DTA) in New York.
It is hoped that the DTA will help boost bilateral trade and investment by minimizing the double taxation of income that may occur as a result of cross-border economic activities between both countries.
Amongst other provisions, the DTA provides for the full exemption of withholding taxes for dividends, interest and royalties, and provides stipulations for the taxation of capital gains, professional services, employment income, pensions and government service.
It also incorporates the internationally agreed Organization for Economic Cooperation and Development standard for the exchange of information for tax purposes upon request.
The DTA will enter into force after its ratification by both countries.
A comprehensive report in our Intelligence Report series, examining in depth the situation of offshore transparency and secrecy in a number of the most prominent jurisdictions, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report2.asp
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