Singapore’s convention with Libya for the avoidance of double taxation (“DTC”) came into force today. 

2. The convention is Singapore’s 64th treaty and will encourage and facilitate cross-border trade and investment between Singapore and Libya by providing greater clarity on taxing rights and minimizing the scope of double taxation between the two nations.  Amongst other provisions, the DTC provide for tax exemption in the country of source on profits derived from the operations of ships or aircraft in international traffic and lower withholding tax rates for dividends, interest and royalties.

3. The full text of the DTC is available on the Inland Revenue Authority of Singapore’s (IRAS) website. 

MINISTRY OF FINANCE
23 December 2010