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

An Agreement for the Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to Taxes on Income was signed on 30 November 2001 between the Government of the Republic of Singapore and the Government of the Republic of Austria.

2 The signing took place in Vienna, Austria. Mr. Chen Choong Joong, Singapore Ambassador to Austria, signed on behalf of Singapore and Ambassador Dr Johann Demel, Head of the Department for bilateral and multilateral Economic Relations, Federal Ministry for Foreign Affairs, signed on behalf of Austria.

3 The Agreement serves to prevent double taxation of income earned in one country by a resident of the other. It also makes clear the taxing rights between Singapore and Austria on all forms of income as a consequence of the cross-border economic activities between the two countries. There are also provisions for reduction or exemption of tax on certain types of income. These provisions will facilitate the cross-flow of trade, investment, financial activities and technical know-how between Singapore and Austria.

4 The Agreement will enter into force after it has been ratified by both countries. The provisions of the Agreement will apply to income arising in the year after its entry into force. Details of the Agreement will be made available after the ratification.

MINISTRY OF FINANCE