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Double Taxation Agreements

Singapore-Hellenic Republic Convention for the Elimination of Double Taxation Enters into Force

14 March 2022

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1.    The Convention between the Government of the Republic of Singapore and the Government of the Hellenic Republic (“Greece”) for the Elimination of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income and on Capital (“the Convention”), signed on 30 May 2019, entered into force on 14 March 2022.

2.    The Convention will benefit businesses in both Singapore and Greece as well as boost bilateral trade and investment flows between the two countries. Key terms of the Convention can be found in the Annex. The full text of the Convention is available on the Inland Revenue Authority of Singapore’s website here.


MINISTRY OF FINANCE
14 March 2022


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Annex: Summary of key terms in the Convention

Table caption

Article in the Convention

Key terms in the Convention

Article 5, Permanent Establishment

  • Threshold of 12 months for construction-related activities, beyond which residents of a contracting state could trigger a taxable presence in the other contracting state

  • Threshold of 183 days in any 12-month period for the furnishing of services by an enterprise of a contracting state within the other contracting state

Article 10, Dividends

  • 5% withholding tax rate (if shareholding ≥ 25%)

  • 10% withholding tax rate (other cases)

Article 11, Interest

  • 0% withholding tax rate (beneficial owner is a bank)

  • 7.5% withholding tax rate (other cases)

Article 12, Royalties

  • 7.5% withholding tax rate

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