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Singapore and Cambodia signed an Agreement for the Avoidance of Double Taxation (DTA) on 20 May 2016. The signing took place in Singapore between Ms Indranee Rajah, Senior Minister of State for Law and Finance, and Dr. Aun Pornmoniroth, Cambodia’s Senior Minister of Economy and Finance.


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.

 

The full text of the DTA is available HERE. The DTA will enter into force after its ratification by both countries.

 

Source: MOF

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Minister for Finance, Mr Heng Swee Keat, will deliver Singapore’s FY2016 Budget Statement in Parliament on Thursday, 24 March 2016. Prime Minister Lee Hsien Loong had indicated in September 2015, in conjunction with the announcement of the new Cabinet, that Budget 2016 would be held later than usual.

(Click HERE to watch the video of The Budget Process in Parliament 2016)

 

Please stay tuned. We will bring you more information on this SGBudget2016‬.

 

Source: ‎MOF‬  #SGBudget2016

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Over 95,000 employers in Singapore will receive about $1.9 billion in Wage Credit Scheme (WCS) payouts by 31 March 2016. SMEs will receive around 70% of the sum disbursed. Compared to 2015, some 10,000 more employers will be benefiting from WCS this year.

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The Second Protocol amending Singapore’s standing Avoidance of Double Taxation Agreement (DTA) with United Arab Emirates (UAE) entered into force on 16 March 2016.


The revised terms in the Second Protocol include longer threshold periods to ascertain the presence of a permanent establishment and lower withholding tax rates for dividends and interest income. These changes are expected to enhance trade and investment flows between the two countries.

 

Click HERE for the full text of the Second Protocol.

 

Source: MOF

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The People’s Bank of China (PBC) and the Monetary Authority of Singapore (MAS) today announced the renewal of the existing bilateral currency swap arrangement (BCSA) for a further term of three years. The original arrangement was established in 2010 and first renewed in 2013. The new arrangement is effective as of 7 March 2016.

The BCSA is a key pillar of co-operation between PBC and MAS to strengthen regional economic resilience and financial stability. It aims to enhance banks’ confidence in carrying out their business in the two markets, and enables both central banks to provide foreign currency liquidity to stabilise financial markets. Under the arrangement, up to CNY300 billion in Chinese Yuan liquidity will be available to eligible financial institutions operating in Singapore. The renewed BCSA will also supplement the various initiatives announced at the 12th Joint Council for Bilateral Cooperation in October 2015 and the State Visit to Singapore by the President of the People’s Republic of China, Mr Xi Jinping, in November 2015.

 

Source: MAS