DTA Protocol between UK & Singapore signed

A second protocol has been signed between the UK and Singapore. The purpose of this 2nd protocol is to amend withholding tax rates for their Double Taxation Agreement (DTA).

Now with this new protocol the withholding tax rate for dividends will be 0%, the exception will be in the case of real estate investment trusts – for these 15% tax will apply. The headline interest withholding tax rate under the protocol is 5%, with certain entities charged at a 0% rate. Royalties will be taxed at 8%.

The treaty between the UK and Singapore was first signed in 1997 and the latest exchange of information standards was inserted in 2009. According to Singapore’s Ministry of Finance, the changes will serve to enhance trade and investment flows between the two countries.


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