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Liechtenstein, Singapore Initial DTA

by Ulrika Lomas,, Brussels

12 December 2012

Following the successful conclusion of negotiations, delegations from Liechtenstein and from Singapore have recently initialed a bilateral double taxation agreement (DTA) between the two countries in the area of taxes on income.

According to the Liechtenstein government, the DTA largely follows the Organization for Economic Cooperation and Development’s Model Convention, offering an advantageous legal framework for mutual investments and strengthening and promoting bilateral economic relations between Liechtenstein and Singapore.

The agreement ensures in particular that Liechtenstein wealth structures and funds are recognized by Singapore and guarantees that Liechtenstein taxes are imposed on payments to individuals abroad.

The Liechtenstein government emphasizes that the new DTA marks a further step in the consistent expansion of its global DTA network. The agreement will increase the attractiveness for mutual investments and will open up new development opportunities in the economically important area of Asia.

Welcoming the initialing of the DTA, Liechtenstein’s Prime Minister Klaus Tschütscher explained that the accord with Singapore, a state in the growth market of Asia, opens up new potential and creates favorable framework conditions for future investments in the financial and industrial sectors. The DTA with Singapore represents a further important step in the implementation of the Liechtenstein government’s agreement policy, Tschütscher ended.

The signing of the agreement is due to take place in the course of 2013 and the accord is expected to be applicable from January 1, 2014. The text of the treaty will be published following the signing.

TAGS: individuals | tax | investment | double tax agreement (DTA) | Organisation for Economic Co-operation and Development (OECD) | Liechtenstein | Singapore | agreements

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