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Singapore, Libya DTA Comes Into Effect

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

28 December 2010


Singapore’s agreement for the avoidance of double taxation (DTA) with Libya, which was originally signed on April 8, 2009, in Tripoli, came into force on December 23 this year.

The Inland Revenue Authority of Singapore said that the DTA is Singapore’s 64th such treaty, and it is hoped that it will encourage and facilitate cross-border trade and investment between Singapore and Libya by providing greater clarity on taxing rights and minimizing the scope of double taxation between the two nations.

Amongst other provisions, the DTA provides for tax exemption in the country of source on profits derived from the operations of ships or aircraft in international traffic, and lower withholding tax rates for dividends, interest and royalties.

TAGS: tax | marine | double tax agreement (DTA) | interest | royalties | law | corporation tax | Libya | Singapore | agreements | withholding tax | dividends

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