Singapore And Morocco Sign Agreement For The Avoidance Of Double Taxation And Prevention Of Fiscal Evasion With Respect To Taxes On Income10 Jan 2007
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 Kingdom of Morocco.
2. The signing took place in conjunction with Senior Minister Goh Chok Tong's visit to Morocco. Mr Zainul Abidin Rasheed, Senior Minister of State for Foreign Affairs, signed on behalf of Singapore while Mr Fathallah Oualalou, Minister of Finance and Privatization, signed on behalf of Morocco.
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 Morocco on all forms of income from cross-border economic activities between the two countries. There are also provisions for 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 Morocco.
4. With the signing of this Agreement, Singapore has signed comprehensive Avoidance of Double Taxation Agreements with 60 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 is available on the website of the Inland Revenue Authority of Singapore at www.iras.gov.sg.
MINISTRY OF FINANCE