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

10 Oct 2002

An 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 Republic of Singapore and the Government of Mongolia.

2 The signing took place in Singapore. Mr. Lee Hsien Loong, Deputy Prime Minister and Minister for Finance, signed on behalf of Singapore while HE Chultem Ulaan, Minister for Finance and Economy signed on behalf of Mongolia.

3 The Agreement facilitates the cross-flow of trade, investment, financial activities and technical know-how between Singapore and Mongolia. It aims to alleviate the burden of double taxation of income earned in one country by a resident of the other. There are also provisions for reduction or exemption of tax on certain types of income. The Agreement makes clear the taxing rights between Singapore and Mongolia on all forms of income from cross-border economic activities between the two countries.

4 With the signing of this Agreement, Singapore has signed comprehensive Avoidance of Double Taxation Agreements with 49 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. Details of the Agreement will be made available after the ratification.