Signing Of Singapore's 50th Double Taxation Agreement

An Agreement for the Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to Taxes on Income was signed today between the Government of the Republic of Singapore and the Government of the Sultanate of Oman. This is the 50th DTA that Singapore has signed with our overseas partners.

2 The signing took place in Singapore between Mr. Lim Hng Kiang, Second Minister for Finance and Minster, Prime Minister's Office, and His Excellency Ahmed Bin Abdulnabi Macki, Minister of National Economy and Deputy Chairman for Financial Affairs and Energy Resources Council.

3 Like the other DTAs, the Agreement aims to alleviate the double taxation of income earned in one country by residents of the other. It also clarifies the taxing rights between Singapore and Oman for all forms of income arising from cross-border economic activities between the two countries. There are also provisions for reduction or exemption of tax on certain types of income. The Agreement facilitates the cross-flow of trade, investment, financial activities and technical know-how between Singapore and Oman.

4 The Agreement will enter into force after its ratification by both countries. The provisions of the Agreement will apply to income arising in the year after its entry into force. The full text of the Agreement will be made available on the Inland Revenue Authority of Singapore's (IRAS) website at www.iras.gov.sg. Any enquiries on the Agreement may be referred to IRAS at telephone number 6351 2122.

MINISTRY OF FINANCE