Signing Of The Agreement Between Singapore And Fiji For The Avoidance Of Double Taxation And Prevention Of Fiscal Evasion With Respect To Taxes On Income20 Dec 2005
An Agreement for the Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to Taxes on Income was signed today between the Republic of Singapore and the Republic of the Fiji Islands.
2. The signing took place in Singapore. Second Minister for Foreign Affairs and Finance, Mr Raymond Lim, signed on behalf of Singapore. The Minister for Foreign Affairs and External Trade of the Fiji Islands, the Honourable Kaliopate Tavola, signed on behalf of Fiji.
3. The Agreement aims to alleviate the burden of double taxation of income earned in one country by a resident of the other. It also makes clear the taxing rights between Singapore and Fiji on all forms of income from cross-border economic activities between the two countries. There are also provisions for the reduction or exemption of tax on certain types of income. The Agreement facilitates the cross-flow of trade, investment, financial activities and technical know-how between Singapore and Fiji.
4. With the signing of this Agreement, Singapore has signed comprehensive Avoidance of Double Taxation Agreements with 55 countries. The Agreement will enter into force after its ratification by both countries. The provisions of the Agreement will apply to income arising in the year after its entry into force. The full text of the Agreement will be made available on the website of the Inland Revenue Authority of Singapore at www.iras.gov.sg.
MINISTRY OF FINANCE