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The double taxation agreement (DTA) between Singapore and Barbados came into force on April 25, 2014, after the completion of ratification procedures by both sides.
The DTA is intended to boost cross-border trade and investment between Singapore and Barbados by providing greater clarity on both parties' taxing rights to ensure that double taxation does not occur.
The agreement was signed in July last year, and covers income tax in Singapore; and in Barbados income tax (including premium income tax), the corporation tax (including the tax on branch profits), and the petroleum winning operations tax.
It provides for a zero withholding tax rate at source on dividends. Interest is taxed at a maximum rate of 12 percent if the recipient is the beneficial owner of that income, and 8 percent in respect of royalties providing the recipient is the beneficial owner of that income.
The DTA has also incorporated the latest internationally-agreed standard on the exchange of information relating to tax matters. It obliges each tax authority to provide information even if it does not require the information itself, and even if the information is held by a bank or other financial institution.
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