Signing Of The Agreement Between Singapore And Cyprus 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 today between the Government of the Republic of Singapore and the Government of the Republic of Cyprus. This Agreement is the 44th comprehensive tax treaty that Singapore has signed.

2 The signing took place in Singapore in conjunction with the visit of the Cypriot Minister of Finance, Mr Takis Klerides. Dr Richard Hu, Minister for Finance signed on behalf of Singapore and Mr Klerides signed on behalf of Cyprus.

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 Cyprus on all forms of income from 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 flow of trade, investment, financial activities and technical know-how between the two countries.

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