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Singapore-Luxembourg DTA Lowers Tax Rates

by Mary Swire, Lowtax.net, Hong Kong
06 January, 2016

The revised Singapore-Luxembourg double tax agreement entered into force on December 28, 2015, and became effective on January 1, 2016.

The revised deal lowers rates of withholding tax on cross-border dividends, interest, and royalties income and lengthens the period test for determining the existence of a permanent establishment.

According to Singapore's tax authority, it also provides for a more mutually favorable tax environment for international air transport and shipping companies, among other things.

The convention sets out the conditions that must be fulfilled for dividends and interest income to be received tax-free in both states and sets rules for obtaining a concessionary seven percent withholding tax rate on income from royalties.

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