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Prince Signs No Double Tax Pact With Singapore

Bandar Seri Begawan - His Royal Highness Prince Mohamed Bolkiah, Minister Foreign Affairs and Trade, said Brunei will work closely with the Singapore to upgrade economic ties.

His Royal Highness made this point while addressing a gathering at the signing ceremony of the Avoidance of Double Taxation Agreement between Brunei and Singapore, yesterday morning on the second day of his visit to the Republic, RTB reported last night.

This morning, His Royal Highness held a four-eye meeting with the Singapore Foreign Minister, Mr George Yeo.

The meeting took place at the Foreign Affairs Ministry. His Royal Highness then proceeded to the signing of Avoidance of Double Taxation Agreement between the government of His Majesty and the government of Singapore.

His Royal Highness said the Accord takes the cooperation between both governments to a higher plane.

Meanwhile, Mr George Yea in his speech, recalled strong ties between the two nations going back to the days before

independence, and that the agreement they signed was part of the process of strengthening the economic relations.

His Royal Highness and Mr Yeo signed the Pact on behalf of their respective governments. The Avoidance of Double Taxation Agreement aims to eliminate the double taxation of income or gains arising in one State and paid to residents of another State.

Brunei and Singapore had their final negotiations on the agreement in April this year in Bandar Seri Begawan.

His Royal Highness then proceeded to The Istana to meet with Singapore's Senior Minister Mr Goh Chock Tong.

There are a number of ongoing cooperation and interaction between the two nations, such as in the field of defence, health, education, broadcasting, air services, telecommunications, technical assistance and environment.

Later in the day, His Royal Highness went to the Institute of Defence and Strategic Studies, (IDSS). Upon arrival, His Royal Highness was welcome by the IDSS Director Mr Barry Desker.

IDSS was established in July 1996 as an autonomous research centre within the Nayang Technological University. Among its objective is to conduct research on security, strategic and international issues. -- Courtesy of Borneo Bulletin

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