This update was first published in the April 2012 China edition of Accounting and Business magazine.
The governments of Singapore and the UK signed a second protocol amending the agreement for the avoidance of double taxation (DTA) on 15 February 2012.
The second protocol revises certain terms in the current DTA, such as updating Article 5 (permanent establishment) and lowering the withholding tax rates in article 10 (dividends), article 11 (interest) and article 12 (royalties). The second protocol will enter into force after ratification by both countries.
Joseph Alfred, policy and technical adviser, ACCA Singapore