Singapore and New Zealand signed here on Friday an agreement for the avoidance of double taxation ( DTA).
The statement said that the DTA incorporates the new internationally agreed standard for the exchange of information. This is the second agreement Singapore has signed that incorporates the standard.
In March 2009, Singapore endorsed the new internationally agreed standard for exchange of information which will enhance bilateral cooperation in information exchange upon request for tax matters. Since then, Singapore has been renegotiating existing DTAs and negotiating new DTAs with numerous jurisdictions, including OECD countries.
Several of these have progressed sufficiently with the agreements expected to be formally signed within the next few months, with some of these already initialed before formal signature.
The revised DTA between Singapore and New Zealand will also minimize the double taxation of income that may occur as a result of cross-border economic activities between both countries, thus promoting bilateral trade and investment.