New agreement avoids double taxation between Singapore and Germany
Singapore (dpa) - A new agreement for the avoidance of double taxation between Singapore and Germany has gone into effect, replacing the previous one signed in February 1972, the Finance Ministry said on Wednesday.
Changes in economic circumstances and policies of both countries necessitated the pact.
The new provisions include changes in withholding tax rates on interest and royalties, the ministry said.
These have been reduced from 10 per cent to 8 per cent for interest, and to 8 per cent for royalties, instead of following the domestic rates.
The new pact covers income derived on or after January 1, 2007. // © 2006 DPA
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