SIGNATURE OF DOUBLE TAXATION AGREEMENT
BETWEEN IRELAND AND SINGAPORE
The Minister for Science, Technology, Innovation and Natural Resources, Mr Conor Lenihan T.D, and the Minister of State for Trade, Industry and Education, Mr S. Iswaran, signed in Singapore on 28 October 2010, an Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income between the Government of Ireland and the Republic of Singapore.
With Singapore as the world’s largest exporting nation on a per capita basis, this Agreement is expected to have a positive impact on trade and investment between Ireland and Singapore. In 2009, Singapore was Ireland’s 17th largest merchandise trading partner with trade valued at €1.02 billion in 2009. Exports were valued at €484.4m and imports at €537m in 2009.
The signing of this Double Taxation Agreement with Singapore, brings to 61 the number of comprehensive double taxation agreements which Ireland has signed. Double Taxation Agreements are key instruments for developing and strengthening economic and trade relations between countries. They reduce tax impediments that might otherwise deter the development of bilateral trading and investment activities. The rapid expansion of Ireland’s tax treaty network reflects the priority that this Government has afforded to international business operators over the last number of years.
Further additional new treaties are in the pipeline and the Department will continue to react to industry calls for new treaties with a number of key jurisdictions.
Negotiations for new agreements with Armenia, Kuwait, Saudi Arabia, Panama and Thailand have been concluded and are expected to be signed shortly.
The text of the Agreement can be viewed on the website of the Revenue Commissioners – http://www.revenue.ie
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