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Singapore, Jersey Sign DTA

by Mary Swire,, Hong Kong

19 October 2012

On October 17, 2012, Singapore and Jersey signed a double taxation agreement (DTA), which also incorporates the internationally-agreed standard for the exchange of information for tax purposes.

The signing ceremony took place at the Singapore High Commission in London, between Jersey’s Assistant Chief Minister, Philip Bailhache, and T Jasudasen, the High Commissioner of Singapore.

Bailhache commented that the DTA with Singapore should be “of major assistance to our financial services industry, and to business generally".

"It will help our people to take advantage of the many trading and investment opportunities that increasingly are to be found in the Far East, for which Singapore is an important gateway,” he noted.

The DTA sets out the allocation of taxing rights between the two jurisdictions with regard to business income, and shipping and air transport, as well as the tax relief on different types of passive income. For example, the withholding tax on interest and royalties is to be capped at 12% and 8%, respectively.

The agreement will enter into force after its ratification by both countries.

TAGS: tax | investment | business | double tax agreement (DTA) | interest | royalties | financial services | Jersey | Singapore | agreements | withholding tax | services

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