An agreement for the Avoidance of Double Taxation (DTA), signed by Singapore and the Republic of Turkmenistan on 28 August 2019, entered into force on 30 April 2020.
The effective date of the DTA is 1 January 2021.
Some of the withholding tax rates under the DTA are as follows:
- Dividends – 10%. 0% of the gross amount of the dividends if the beneficial owner is a company (other than a partnership) which holds directly or indirectly at least 25% of the capital of the company paying the dividends.
- Interest – 10%. Exempted from tax if paid between the specified relevant government authorities of the contracting states.
- Royalties – 10%
The full text of the DTA is available on the Inland Revenue Authority of Singapore’s (IRAS) website.