Double Tax Treaties

Double-Tax-Treaties

Double tax agreements also known as double tax treaty is a type of deal between Singapore and other countries so that the tax payer does not get double taxed for the same chargeable income. You can contact SingaporeAudit.com.sg for more information on Singapore tax treaties.

With a tremendous increase in global trade and multinational companies across the globe, there has been a heightened focus on the matter of double taxation. Basically, double taxation is a circumstance in which a tax payer is forced to pay tax to two or more than two countries on the same chargeable income. Therefore, in order to deal with double taxation, governments enter into double tax agreement (DTA) with other countries. Singapore also has double tax agreements with many countries so that you can avoid getting double taxed.

Types of Income That Come Under Double Tax Agreement

  • Business profits;
  • Income from air and shipping transport;
  • Income from immovable properties;
  • Interest;
  • Dividends;
  • Royalties and fees for technical services;
  • Associated enterprises;
  • Capital gains;
  • Teachers and researchers;
  • Students and trainees;
  • Artists;
  • Sportspersons;
  • Independent personal services;
  • Dependent personal services;
  • Remuneration and pension in case of government service;
  • Non-government pensions and annuities;
  • Income of government; and
  • Other income.

Why Double Tax Agreement (DTA)?

  • As DTA clearly specifies the jurisdictional authority on cross-border transactions, thereby enabling you to avoid double tax.
  • Since it clearly defines the taxing right of every country.
  • Helps in preventing the evasion of international tax.
  • DTA allows you to claim for relief on the tax you paid on a foreign soil.

Methods to Avoid Double Tax

  • Process of Tax Exemption: You can avoid double tax if your resident country agrees to completely or partially exempt the foreign income from the domestic tax.
  • Process of Tax Credit: You can avoid double tax if your country of residence agrees to give you credit for the tax you paid overseas.

Singapore Audit provides services related to Singapore taxation that includes a comprehensive guidance on DTA, assisting you in the process of avoiding double tax and so on. Our esteemed tax services Singapore enable you to concentrate on the core issues of your business.

Please feel free to contact us on +65 6536 0036 or drop in an email at info@singaporeaudit.com.sg

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