On 3 August 2018, the second Protocol amending the Agreement for the Avoidance of Double Taxation (the Protocol) between Singapore and the Republic of Latvia, entered into force on 3 August 2018. The Protocol was previously signed on 20 April 2017.
The Protocol lengthens the threshold period for determining the presence of a permanent establishment, and lowers the withholding tax rates for dividends, interest, and royalties. These changes, and other changes, are expected to enhance cross-border investment, and boost trade and economic flows between the two countries.
Separately, the new Comprehensive Agreement for the Avoidance of Double Taxation (the DTA) between Singapore and the Federal Republic of Nigeria, will enter into force on 1 November 2018.The DTA was previously signed on 2 August 2017.
The DTA clarifies the taxing rights of both countries on all forms of income flows arising from cross-border business activities, and minimises the double taxation of such income. This will lower barriers to cross-border investment and boost trade and economic flows between the two countries.
For more information on the full texts of Protocol and the DTA, please refer to press release issued on 24 Apriil 2017 and 3 August 2017 respectively at IRAS’s website..
Source: IRAS, 7 August 2018