Singapore and Georgia Sign Avoidance of Double Taxation Agreement

1. Singapore and Georgia signed an Agreement for the avoidance of double taxation (“DTA”) on 17 November 2009.

2. The Agreement was signed in New York by both countries’ Permanent Representatives to the United Nations.

3. The DTA will help boost bilateral trade and investment by minimizing the double taxation of income that may occur as a result of cross-border economic activities between both countries. Amongst other provisions, the DTA provides for full exemption of withholding taxes for dividends, interest and royalties, and incorporates the internationally agreed Standard for the Exchange of Information for tax purposes upon request.

4. The full text of the DTA is available on the Inland Revenue Authority of Singapore’s (IRAS) website at http://www.iras.gov.sg. The DTA will enter into force after its ratification by both countries.