Press Releases

Singapore and Uzbekistan signed an Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income ("DTA") today. This DTA is the 62nd comprehensive tax treaty which Singapore has signed.

2. The signing took place in Singapore between Mr Tharman Shanmugaratnam, Minister for Finance, and Mr Parpiev Botyr, Chairman of the State Tax Committee of Uzbekistan.

3. Minister Tharman commented that "This Agreement will provide greater impetus for Singaporean businessmen to invest in Uzbekistan, and vice versa. Under the Agreement, there are provisions to clarify the taxing rights of either country, and eliminate double taxation on income arising from cross-border business activities between our countries. With these in place, our businessmen can enjoy greater certainty while seeking investment opportunities in Uzbekistan. The Agreement will also make Singapore more attractive as a gateway for Uzbekistan businessmen to do business in the region."

4. The DTA serves as a framework to facilitate cross-flows of trade, investment, technical know-how and expertise between Singapore and Uzbekistan. The DTA has provisions to clarify the taxing rights of each country on all forms of income flows arising from cross-border business activities, and to eliminate double taxation on such income.

5. The DTA will enter into force after it has been ratified by both countries. The details of the DTA will be made available on the Inland Revenue Authority of Singapore's (IRAS) website at www.iras.gov.sg

MINISTRY OF FINANCE