Singapore and France have signed a revised tax treaty, Singapore’s the Ministry of Finance and France’s Ministry for Finance and Public Accounts said in a joint statement January 16.
The agreement lowers withholding tax rates for dividends to 5 percent if the beneficial owner is a company which owns directly or indirectly at least 10 per cent of the share capital of the company paying the dividends. In other cases the withholding rate is 15 percent. The treaty also includes heightened anti-abuse provisions.
The signing took place in Singapore between Mr Tharman Shanmugaratnam, the Singapore Deputy Prime Minister and Minister for Finance, and Mr Michel Sapin, the French Minister of Finance and Public Accounts.
The agreement will enter into force after ratification by both countries.
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