info@singaporecompanyincorporation.sg
Singapore Company Incorporation

Singapore Company Registration Services

  • Home
  • Services
    • Our Services
    • Company Incorporation Services
    • Relocation and Immigration Services
    • Accounting and Tax Services
    • Corporate Compliance Services
    • Offshore Incorporation Services
  • Learning Centre
    • Learn About
    • Singapore Company Setup
    • Immigration and Relocation
    • Corporate & Personal Taxation
    • Offshore Incorporation
    • Resources
    • Infographics
    • Comparative Reports
    • Frequently Asked Questions
  • Tools
    • Company Name Check
    • Tax Calculators
    • Corporate Tax Calculator
    • Personal Tax Calculator
  • Community
    • Get the Latest Updates
    • Blog
    • Press Releases
  • Contact
  • Get Started
You are here: Home / Press Releases / Singapore Bolsters DTA Network in First 5 Months of 2014

Singapore Bolsters DTA Network in First 5 Months of 2014

May 20, 2014 IN Press Releases

Singapore, in a bid to further strengthen its Avoidance of Double Taxation Agreements (DTA) network, has seen new DTAs come into force and updated existing ones in the first five months of 2014.

Six countries have been engaged so far. According to SingaporeCompanyIncorporation.sg, a portal dedicated to incorporating a company in Singapore, the DTAs are expected to encourage and facilitate cross-border trade and investment between Singapore and the respective countries. In addition, DTAs allow companies to benefit from lower withholding tax rates on cross-border payments of dividends, interest and royalties. In addition, to facilitate compliance with international standards, most of Singapore’s DTA include the Exchange of Information (EOI) agreement.

6 DTAs in force to date

The first DTA agreement to come into force this year was between Singapore and Morocco. The agreement came into force on 15th January. Shortly after, the revised Singapore-Poland DTA entered into force on 6th February. On the same day, an ‘Exchange of Notes’ was implemented between Singapore and Austria in relation to the Exchange of Information (EOI) ct. The Singapore-Austria DTA entered into force early this month, on 1st May.

Next in line was the DTA signed between the city-state and Laos, which was signed on 21st February. April witnessed two more DTAs. Singapore and Sri Lanka signed a revised DTA on 3rd April, while a DTA agreement with Barbados came into force on 25th April.

Singapore’s current network of DTAs

Currently, the country has 75 Comprehensive DTAs which include EOI Arrangements for tax purposes. According to the Inland Revenue Authority of Singapore (IRAS) website, eight countries have signed, but not ratified, the DTA agreement with Singapore. They include the Czech Republic, Ecuador, Kazakhstan, Liechtenstein, Laos, Luxembourg, San Marino and Sri Lanka. Eight countries have limited treaties with Singapore, while one nation, Bermuda, has only an EOI arrangement in place.

Strengthening of DTA network to benefit Singapore companies

“With western businesses looking to establish their base in Asia via Singapore, the island nation’s efforts in stepping up the DTA network makes it an attractive business location. In addition to attracting investments, the DTA compliance requirements make sure that only legitimate businesses tap the tax opportunity. The rules make sure that the tax treaty is leveraged for genuine tax savings and not for illegal tax evasion,” commented Ms. Cheryl Lee, Operations Manager at SingaporeCompanyIncorporation.sg.

Singapore holding companies to benefit

The expansion of DTA network has created opportunities for foreign companies to tap the Asian market by making Singapore as their business hub. Foreign companies with the Singapore holding company structure would benefit from substantial tax savings after incorporating the DTA framework, resulting in a boost to the bottom-line.

In addition to the DTAs, tax schemes including the Headquarters Program and Global Trader Program encourage foreign entities to set up operations in Singapore and use it to hold investments in overseas subsidiaries.

“The strengthening of DTA network will attract more companies for genuine tax savings and to establish their global or Asia headquarters in Singapore. With the expansion of DTA network, the holding company structure will be adopted by more global players for substantial tax savings. And Singapore’s image as a clean fund management hub will be safeguarded through robust DTA compliance,” added Ms. Lee.

You take care of business. We’ll take care of your taxation needs.

File your corporate tax returns with Singapore Company Incorporation, one of the leading tax agents in Singapore. Our professional taxation specialists will work closely with you to reduce your tax liabilies and maximise tax savings.

File My Tax

Suggested Readings

Tax Planning to Optimise your Business Singapore Cleans Up Image to Attract Bonafide Businesses Precision Engineering, Chemicals and Biomedical Emerge as Top Singapore Industries in June 2014 Singapore budget 2018 overview of Tax changesSingapore Budget 2018 – Overview of Tax Changes for Businesses and Individuals
← Singapore to Review Workplace Safety and Health Regulations Hiring Quota Guidelines to Help Singapore Employers Hire Work Permit, S Pass Holders →
Singapore Company Incorporation Services Incorporation Taxation Accounting Immigration
Get a quote Request call back Have a question?

Contact Us

  • This field is for validation purposes and should be left unchanged.

Our Services

  • Incorporate Company
  • Relocation and Employment Visas
  • Taxation & Accounting
  • Offshore Incorporation

CALCULATE YOUR TAXES

  • Personal Tax Calculator
  • Corporate Tax Calculator

Contents

More Topics

  • Singapore PR Application
  • Company Secretary Singapore
  • Exempt Private Company
  • Corporate Tax in Singapore
  • Business Grants in Singapore
  • Tax Calculator
  • Responsiblity of Company's Director
  • Brand Name Registration in Singapore
  • CorpPass Singapore

Incorporation

  • Company Incorporation Singapore
  • How to Register Company in Singapore
  • Subsidiary Company Registration
  • Branch Office Registration
  • Incorporation Packages

Immigration

  • Singapore Work Visas
  • Employment Pass
  • Entrepreneur Pass
  • Personalised EP
  • Permanent Residence

Tax & Accounting

  • Corporate Tax Guide
  • Personal Tax Guide
  • Goods & Services Tax
  • Bookkeeping & Financial Statements
  • Payroll Services

Corporate

  • Corporate Secretary
  • Business Licenses
  • Trademark Registration
  • Statutory Compliance
  • De-Registration/Strike Off

Tools

  • Company Name Check
  • Personal Income Tax Calculator
  • Corporate Tax Calculator
  • Incorporation Wizard

Copyright © 2023 Singapore Company Registration & Work Visa Specialists. All Rights Reserved. | Privacy Policy | Terms of Use