A new Agreement for the Avoidance of Double Taxation and Prevention of Fiscal Evasion between Singapore and Malaysia was signed yesterday by Singapore leader Lee Hsien Loong and Malay Prime Minster Abdullah Badawi.
The new agreement replaces an existing treaty first signed in 1968 and updated in 1973, taking into account changes in economic circumstances and policies in the two countries over the last 30 years.
The new Agreement will continue to provide for the avoidance of double taxation on income earned in one country by a resident of the other country, and will also lower withholding tax rates.
It is hoped that the new agreement will strengthen the flow of trade, investment, financial activities and technical know-how between Singapore and Malaysia.
Prime Minister Lee observed: "It is a symbol of how closely related our two countries are because something that happens in one territory affects the other, and we have to understand that and work together in order to overcome problems.”
The treaty will enter into force following ratification by both states.
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