14 July 2011
Singapore expects economic ties with the Kingdom of Saudi Arabia (KSA), its largest trading partner in the Middle East to grow with the new Avoidance of Double Taxation Agreement, which came into force on 1 July 2011. Expected to benefit substantially from the agreement are Singapore companies in real estate, transport, logistics and infrastructure.
Bilateral trade between both countries rose 28% from S$12.8 billion in 2009 to S$16.4 billion last year and by 42%to S$9.1 billion between January and May this year.
Singapore already has existing double taxation agreements in force with the rest of the Gulf Cooperation Council, namely Qatar, United Arab Emirates, Oman, Kuwait and Bahrain.
Source: Channel NewsAsia