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Singapore-Malta Avoidance of Double Taxation Agreement Ratified

29 Feb 2008

Singapore's agreement with Malta for the avoidance of double taxation comes into effect on 29 February 2008. The agreement will specify clearly the taxing rights of each country on all types of income earned from 1 January 2009.

2. The Agreement was signed in March 2006 in Singapore. It aims to alleviate any double taxation that may arise when a resident of one country derives income from the other country. The terms of the Agreement provide for the reduction or exemption of tax on certain types of income, which include reducing withholding tax rates on interest received by a bank to 7% and all other recipients of interest to 10%. The withholding tax rate on royalties has also been reduced to 10%. The ratification of the Agreement will further facilitate the cross-flow of trade, investment, financial activities and technical know-how between Singapore and Malta.

3. With this latest Agreement, Singapore now has in force comprehensive tax treaties with 58 countries. The full text of the agreement will be published in the Government Gazette on 29 February 2008, and will also be available on the Inland Revenue Authority of Singapore's (IRAS) website at