The double tax agreement between Singapore and New Zealand is an important agreement that ensures that individuals and businesses do not pay double taxes on their income. This agreement helps to reduce barriers to trade and investment between the two countries and provides greater certainty for taxpayers.
The double tax agreement was signed between Singapore and New Zealand in 2009 and came into effect in 2010. The agreement applies to income tax, including taxes on employment income, business profits, royalties, and interest income.
Under this agreement, residents of Singapore and New Zealand can benefit from reduced withholding tax rates on certain types of income. For example, the withholding tax rate on dividends is reduced from the standard rate of 30% to 15% for residents of both countries.
The agreement also provides for the exchange of information between the tax authorities of Singapore and New Zealand. This helps to prevent tax evasion and ensures that taxpayers are paying the correct amount of tax in each country.
Overall, the double tax agreement between Singapore and New Zealand is an important agreement that benefits both countries. It helps to reduce barriers to trade and investment, provides greater certainty for taxpayers, and ensures that individuals and businesses do not pay double taxes on their income.
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