Ratification Of The Agreement Between Singapore And Oman For The Avoidance Of Double Taxation And The Prevention Of Fiscal Evasion With Respect To Taxes On Income

An Agreement, which was signed on 6th October 2003 between the Government of the Republic of Singapore and Government of the Sultanate of Oman for the Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to Taxes on Income, enters into force on 7 April 2006 following the completion of ratification formalities. The provisions of this Agreement shall have effect on income derived on or after 1st January 2007.

2. The Agreement provides a framework which aims to encourage cross-border flow of trade, investment and expertise between Singapore and Oman thereby strengthening bilateral economic links between the two countries. The Agreement also provides for the elimination of double taxation on income which may occur as a result of cross-border economic activities between the two countries. The taxing rights of each country on all forms of income are specified in the Agreement.

3. With this Agreement coming into force, Singapore will now have in force a total of 51 comprehensive Avoidance of Double Taxation Agreements. The full text of this Agreement is published in the Government Gazette today. The full text of the Agreement is also available on the Inland Revenue Authority of Singapore's (IRAS) website at www.iras.gov.sg.

MINISTRY OF FINANCE