Ukraine and Singapore Sign Protocol on Double Taxation Avoidance
The protocol will improve cooperation between the tax authorities of Ukraine and the Republic of Singapore
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Ukraine and Singapore have signed a protocol on the avoidance of double taxation.
“On August 16, 2019, Ukrainian Finance Minister Oksana Markarova signed the protocol on amending the agreement between the Government of Ukraine and the Government of the Republic of Singapore on avoiding double taxation in respect of taxes on income and capital,” press-service of the Finance Ministry reported.
The protocol is aimed at avoiding double taxation of income of individuals and legal entities in the territories of both countries.
The provisions of the protocol are in line with the requirements of the OECD Model Tax Convention. The document provides for a new expanded version of the article “Exchange of Information” without reservation regarding the requirements of national tax interest or bank secrecy, which will improve cooperation between the tax authorities of Ukraine and the Republic of Singapore.