DTA`S CONCLUDED BY SINGAPORE Singapore has established an extensive network of DBA or other similar tax agreements with most of the world`s major economies. These may be following species (note that in some countries – for example. B in the United Arab Emirates – Singapore has more than one type of agreement: look at the list of Singapore tax treaties to find out if your country has a tax agreement with Singapore and to know the specific provisions of this DBA. Double taxation relief methods are given either under a country`s national tax law or under the tax treaty. In Singapore, the methods available are: the nullity of double taxation conventions is intended to eliminate this unfair penalty and encourage cross-border trade. If you are doing business with (or since) Singapore of a DTA country, it is unlikely that you will face double taxation. In addition, Singapore also grants unilateral tax credits to its resident companies in the event of double taxation by countries where Singapore does not have a DBA. It is therefore unlikely that a Singapore-based company will face double taxation. The themes discussed are: the prevention of double taxation conventions aims to eliminate this unfair penalty and encourage cross-border trade. Singapore has an extensive network of such agreements, covering more than 50 countries.
If you are dealing with Singapore, a country that has a DBA with Singapore, you probably won`t face double taxation. In addition, even if there is no contract between a country and Singapore, a Singapore resident can benefit from Singapore`s unilateral tax credits to avoid double taxation in transactions with Singapore. The increasing integration of economies around the world has led to an increase in cross-border revenue flows. Due to a conflicting tax policy between countries, this can result in double taxation of certain types of income. Singapore not only ensures that such double taxation does not occur when a company operates from Singapore or with Singapore, but it goes further by explicitly exempting from taxation in Singapore all income from foreign sources in a Singapore company, provided it meets certain criteria. In most cases, it is easy to qualify for this exception. But in the unlikely situation where your company`s foreign income is not being honored, Singapore`s double taxation conventions or unilateral tax credits will ensure that you do not pay taxes on those income. To understand how a DBA works, we must first learn what can lead to double taxation. Double taxation is due to the fact that the tax system can vary from country to country, so it is unlikely that a Singapore-based company will suffer from double taxation.