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Singapore signed her 61^st Agreement for the Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to Taxes on Income with Ukraine. Mr. Tharman Shanmugaratnam, Second Minister for Finance, signed on behalf of Singapore while Mr. Mykola Azarov, First Vice Prime Minister and Minister for Finance, signed on behalf of Ukraine. The signing took place in conjunction with Mr. Azarov's visit to Singapore.

2. The two countries have agreed on the taxing rights of each country on all forms of income, and withholding taxes on dividends, interest and royalties are also reduced from applicable domestic rates under the tax treaty.

3. This Agreement will facilitate the cross-flow of trade, investment, financial activities and technical know-how between the two countries by helping investors avoid the burden of double taxation of income that may occur as a result of cross-border economic activities between Singapore and Ukraine.

4. The Agreement will enter into force after its ratification by both countries. The full text of the Agreement will be made available on the Inland Revenue Authority of Singapore's (IRAS) website at www.iras.gov.sg.

MINISTRY OF FINANCE