SINGAPORE and Russia have ratified a bilateral Double Taxation Agreement (DTA) which will come into force on Friday.
Income derived on or after Jan 1, 2010 will be affected by the terms of this deal.
The agreement, Singapore's 60th of this kind, seeks to encourage and facilitate cross-border trade and investment between Singapore and Russia.
Main provisions under the agreement include lower withholding tax rates imposed on dividends, interest and royalties; and the availability of tax credits for residents earning foreign-sourced income.
The full text of the DTA will be published in the Government Gazette on Jan 16. It will also be available on the Inland Revenue Authority of Singapore's (IRAS) website at www.iras.gov.sg.
