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Signing Of Singapore's 58th Avoidance Of Double Taxation Agreement

19 September 2006

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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 Republic of Kazakhstan.

2. The signing took place in Singapore between Mr Tharman Shanmugaratnam, Minister for Education and Second Minister for Finance, and Mrs Natalia Korzhova, the Kazakh Minister of Finance.

3. 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 Kazakhstan for all forms of income arising from cross-border economic activities between the two countries. There are 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 Kazakhstan.

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.

MINISTRY OF FINANCE

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