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Singapore-Ireland Double Taxation Agreement

Updated on Friday 13th May 2016

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Singapore -Ireland-double-taxation-agreementSingapore and Ireland signed their first double taxation agreement in 2011. Singapore also ratified the treaty at the time and helped the city-state to consolidate its position as an aircraft leasing center for the Middle East based on the tax exemptions for air transportation services stipulated by the convention. The Singapore- Ireland double taxation treaty applies to the taxes on income or elements constituting Irish or Singapore residents and companies’ total income. The following taxes are covered by the double tax convention between Singapore and Ireland:

  • -          the income tax in Singapore;
  • -          the income tax and levy, the corporate and the capital gains taxes in Ireland.

Other resembling taxes applied in the contracting states also fall under the provisions of the agreement.

Taxation of dividends under the Singapore-Ireland double tax agreement

One of the most important provisions of the double tax convention between Singapore and Ireland refers to the taxation of dividends, as the two countries are trying to provide advantageous conditions for companies carrying operations there. The agreement provides for reduced tax rates, under the following conditions:

  • -          a 5% rate applied to the gross amount if the recipient owns at least 10% of the voting shares in the company paying the dividends;
  • -          a 15% rate in all other situations.

Interest payments also benefit from reduced rates of 15% on amounts arising before December 1999 and 10% in all other cases. The same principle applies to royalties payments.

Avoidance of double taxation under the Singapore-Ireland treaty

As all other Singapore’s tax agreements, the one with Ireland specifies how the avoidance of double taxation will occur:

  • -          the income derived from real estate will be taxed in the country where the property is located;
  • -          business profits will be taxed in the country the company carries out its activities, unless the permanent establishment status applies;
  • -          incomes derived from employment of foreign citizens will be taxed in the country they are performing.

Both countries provide for tax credits as a method of avoiding double taxation, in the case this situation appears.

For complete information about the advantages granted by the double tax treaty with Ireland, you can refer to our Singapore company formation consultants.

 

 

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