Singapore Tax News
In McDermott Industries (Aust) Pty Ltd v. FCT, the taxpayer company argued that it was not required to withhold tax on bare boat charter payments that it made to a Singaporean company (S-Co). Australia's Federal Commissioner of Taxation sought to apply a rule that a deduction for a royalty subject to withholding tax is not available to the paying company, unless it has paid the withholding tax (in which case the deduction becomes available in the year in which the royalty was incurred). The taxpayer's position was that royalty withholding tax was not payable because S-Co had a deemed permanent establishment under the tax treaty between Australia and Singapore to which the royalties related.
6 December 2005
China (People's Rep.) and Mexico signed a first-time tax treaty on 12 September 2005. Further details of the treaty will be reported subsequently.
16 October 2005
New Zealand and Singapore signed a protocol to the New Zealand-Singapore treaty of 21 August 1973 on 5 September 2005. Further details of the protocol will be reported subsequently.
16 October 2005
India and Singapore signed a protocol dated 29 June 2005. This protocol will form part of the India-Singapore tax treaty dated 24 January 1994, and will enter into force and be effective as from 1 August 2005.
3 August 2005
A new income tax treaty and protocol between Singapore and Israel was signed on 19 May 2005
11 July 2005
Malaysia and Singapore signed a new income tax treaty and protocol on 5 October 2004.
11 July 2005
Israel and Singapore signed a new tax treaty on 19 May 2005. Once in force, it will replace the Singapore-Israel income tax treaty of 27 September 1971.
9 June 2005