SINGAPORE - Singapore has signed agreements with France and Uruguay for avoidance of double taxation (DTA).
In the agreement with France, the revised DTA offers improved terms for businesses, such as lower withholding tax rates for dividends and includes anti-abuse provisions.
The signing took place in Singapore on Thursday between Singapore Deputy Prime Minister and Minister for Finance Mr Tharman Shanmugaratnam, and Mr Michel Sapin, the French Minister of Finance and Public Accounts.
Both ministers expressed their confidence that the revised DTA would further enhance trade and investment flows, and further build on economic relations between the two countries. They also noted both countries' history of tax cooperation on exchange of information, as well as commitments to implement the global standard on automatic exchange of information by 2018.
The DTA with Uruguay was signed on Thursday between Ms Chiam Yah Fang, Chief Tax Policy Officer of the Ministry of Finance and His Excellency Carlos Irigaray, Uruguay's Ambassador to Singapore.
This DTA clarifies the taxing rights of both countries on all forms of income flows arising from cross-border business activities, and minimises the double taxation of such income. This will lower barriers to cross-border investment and boost trade and economic flows between the two countries.
Both agreements will enter into force after ratification by the countries.