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Singapore And Slovak Republic Ratify Agreement To Avoid Double Taxation And Prevent Fiscal Evasion With Respect To Income Taxes

12 June 2006

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An Agreement between the Government of the Republic of Singapore and the Government of the Slovak Republic for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income enters into force on 12 June 2006 following the completion of ratification process. Its provisions shall have effect on income derived on or after 1 January 2007.

2. The Agreement will strengthen economic links between Singapore and the Slovak Republic for the benefit of both countries. It will facilitate the flow of trade, investment, technical know-how and expertise between the two countries. The Agreement provides for the elimination of double taxation, which may otherwise arise with the cross-border flows of income between the two countries. The taxing rights of each country on all forms of income are also specified in the Agreement.

3. The Agreement also provides for the exemption or reduction of tax in the country of source on various types of income derived by residents of the other country, including the exemption from tax in the country of source on profits derived from the operations of ships or aircraft in international traffic.

4. With the coming into force of this Agreement, Singapore now has in force Double Taxation Agreements with 52 countries. The full text of the Agreement is published in the Government Gazette today. The full text of the Agreement is also available on the Inland Revenue Authority of Singapore's (IRAS) website at www.iras.gov.sg.

MINISTRY OF FINANCE

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