Double Taxation Agreement Ratified
By Azlan Othman

Bandar Seri Begawan - The Ministry of Finance in Singapore stated yesterday that Singapore's 54th avoidance of double taxation agreement comes into effect Dec 14 2006, the Singapore High Commission said in a statement yesterday.

The provisions of the agreement between Singapore and Brunei will apply to all types of income earned from 1st January 2007.

The agreement between both countries will promote greater cross flow of trade, investment, technical know how and expertise between both countries. With the increasing trend of Singapore resident companies venturing overseas, the same income may be subject to tax both in Singapore and Brunei. The agreement will alleviate the double taxation that may arise from the cross border transactions between the two countries.

The full text of the agreement is published in the government gazette and will also be made available on Inland Revenue Authority of Singapore's (IRAS) website at www.iras.gov.sg -- Courtesy of Borneo Bulletin

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