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Singapore and Ghana on March 31 signed a double tax agreement, providing for reduced withholding tax rates.
The DTA clarifies the taxing rights on all forms of income flows arising from cross-border business activities and seeks to ensure such income is not taxed twice.
The agreement provides that withholding taxes on dividends, interest, and royalties will generally not exceed seven percent. Withholding taxes on service fees will be capped at 10 percent.
These rates will come into effect on or after January 1 following the year in which the DTA comes into force. The agreement will come into force after its ratification by both countries.
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