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Singapore-Ukraine DTA Enters Into Force

by Mary Swire, Tax-News.com, Hong Kong

21 December 2009


Singapore and Ukraine have completed the procedures to bring into force their double (DTA), originally signed on January 26, 2007.

It is hoped that the DTA will encourage and facilitate cross-border trade and investment between Singapore and Ukraine through the lowering of tax barriers, and providing greater clarity on taxing rights between the two nations.

The agreement will guarantee that profits derived from trade or investment with or in the respective country, whether in the form of dividends, interest or royalties, will only be subject to taxation once. The pact will also boost cooperation between the two countries' tax authorities, in order to aid in the fight against tax evasion.

Amongst other provisions, the DTA lowers the withholding tax rates for dividends, interest and royalties. The new withholding tax rates for interest and royalties are 10% and 7.5% respectively, while the withholding tax rates for dividends are 5% if the beneficial owner is a company which holds directly at least 20% of the capital of the company paying the dividends, or 15% otherwise.

The provisions of the DTA will apply to income derived on or after January 1, 2010.


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