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San Marino, Singapore Agree To Share Tax Info

by Ulrika Lomas, Lowtax.net, Brussels
16 December, 2013

On December 11, San Marino and Singapore signed a double taxation agreement (DTA), which incorporates the internationally-agreed standard for the exchange of information for tax purposes.

The signing took place in Brussels between Ong Eng Chuan, Singapore's Ambassador to Belgium, The Netherlands and Luxembourg and the Head of its Mission to the European Union; and Gian Nicola Filippi Balestra, San Marino's Ambassador and Head of Mission to the European Union.

The DTA, which will enter into force after its ratification by both countries, will give their tax authorities a greater ability to exchange taxpayer information. It provides that a tax authority cannot refuse to provide information solely because it does not require the information for its own domestic purposes, or because the information is held by a bank or similar institution.

Among its other provisions, the DTA also sets out permanent establishment rules and applies, in particular, to income tax in both Singapore and San Marino. It provides for a zero withholding tax rate for dividends, and for a maximum 12 percent and 8 percent withholding tax to be imposed on interest payments and royalties, respectively.

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