Ratification of The Agreement Between Singapore and Kuwait for The Avoidance of Double Taxation and The Prevention of Fiscal Evasion with Respect to Taxes on Income02 Jul 2003
An Agreement for the Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to Taxes on Income was signed on the 21st February 2002 between the Republic of Singapore and the State of Kuwait. This Agreement enters into force today following the completion of ratification formalities. The provisions of this Agreement shall have effect on income derived on or after 1st January 2004.
2 The Agreement provides a framework which aims to encourage cross-border flow of trade, investment and expertise between Singapore and Kuwait thereby strengthening bilateral economic links between the two countries. The Agreement also provides for the elimination of double taxation on income which may occur as a result of cross-border economic activities between the two countries. The taxing rights of each country on all forms of income are specified in the Agreement.
3 With this Agreement coming into force, Singapore will now have in force a total of 46 comprehensive Avoidance of Double Taxation Agreements. The full text of this Agreement is published in the Government Gazette today. The full text of the Agreement is also available on the Inland Revenue Authority of Singapore's (IRAS) website at www.iras.gov.sg. Any enquiries on the Agreement can be referred to IRAS at telephone number 63512122.
MINISTRY OF FINANCE