Singapore and Ghana sign tax treaty

On By taxsgIn Corporate Tax, Latest Tax News, Tax Treaties, Withholding Tax

4 April 2017

Singapore and Ghana signed an Agreement for the Avoidance of Double Taxation (DTA) on 31 March 2017. The DTA includes the internationally agreed Standard for the exchange of information for tax purposes.

The withholding tax rates under the treaty are as follows:

  • Dividends — 7%.  Since Singapore’s domestic withholding rate for dividends is nil, dividends will be exempt from withholding tax in Singapore.
  • Interest — 7%. Exempted from tax if paid between the relevant government authorities of the contracting states.
  • Royalties — 7%.

The DTA is awaiting ratification and does not have the force of law. The full text of the DTA is available on the IRAS website.

Source: Inland Revenue Authority of Singapore (IRAS)