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Singapore and Saudi Arabia Sign Agreement for Avoidance of Double Taxation

03 May 2010

Riyadh, Saudi Arabia, 3 May 2010 - Singapore and Saudi Arabia today signed an Agreement for the avoidance of double taxation ("DTA").

2. Singapore's Minister for Foreign Affairs Mr. George Yeo signed the Agreement in Riyadh with Saudi Arabia's Minister of Finance Dr. Ibrahim A. Al-Assaf.

3. The new DTA is expected to further enhance the strong bilateral trade links by minimising the double taxation of income that may occur as a result of cross-border economic activities between the two countries. Amongst other provisions, the DTA includes the internationally agreed Standard for the exchange of information upon request for tax purposes, provides for lower withholding taxes, and sets out permanent establishment rules for businesses.

4. The full text of the DTA is available on the Inland Revenue Authority of Singapore's (IRAS) website. The DTA will enter into force after it is ratified by both countries.

3 MAY 2010