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Signing Of The Agreement Between Singapore And Finland For The Avoidance Of Double Taxation And Prevention Of Fiscal Evasion With Respect To Taxes On Income

07 Jun 2002

A new Agreement for the Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to Taxes on Income was signed today between the Government of the Republic of Singapore and the Government of the Republic of Finland.

2 The signing took place in Singapore. Mr. Lee Hsien Loong, Deputy Prime Minister and Minister for Finance, signed on behalf of Singapore while Ms Suvi-Anne Siimes, Minister at the Ministry of Finance, signed on behalf of Finland.

3 The new Agreement replaces the old Agreement signed on 23rd October 1981. While the old Agreement has worked well for both countries, changes in economic circumstances and policies have made it necessary to review and revise the old Agreement.

4 The new Agreement will continue to facilitate the cross-flow of trade, investment, financial activities and technical know-how between Singapore and Finland. It maintains the avoidance of double taxation of income earned in one country by a resident of the other.

5 The new Agreement will enter into force after both countries have ratified it. The provisions of the new Agreement will apply to income arising in the year after its entry into force. The provisions of the old Agreement will cease to apply from then on. Details of the new Agreement will be made available after the ratification.