The Double Taxation Relief and International Tax Enforcement (Singapore) Order 2010
Draft 2010, ISBN 9780111500217
Draft Order in Council laid before the House of Commons under section 5(2) of the Taxation (International and Other Provisions) Act 2010 and section 173(7) of the Finance Act 2006, for approval by resolution of that House.
Capital Gains Tax
Corporation Tax
Income Tax
Made [day] [Month] 2010
At the Court at Buckingham Palace, the [date] day of [Month] 2010
Present,
The Queen’s Most Excellent Majesty in Council
Accordingly, Her Majesty, in exercise of the powers conferred upon Her by section 2 of the Taxation (International and Other Provisions) Act 2010 and section 173(1) of the Finance Act 2006, by and with the advice of Her Privy Council, orders as follows—
Annotations to the whole text
Footnotes
- f1
- f2
Contents
- 1Citation
- 2Double taxation and international tax enforcement arrangements to have effect
- Signature
- Schedule Schedule
- Explanatory note
1Citation
This Order may be cited as the Double Taxation Relief and International Tax Enforcement (Singapore) Order 2010.
2Double taxation and international tax enforcement arrangements to have effect
It is declared that—
the arrangements specified in the Protocol set out in the Schedule to this Order, which vary the agreement set out in the Schedule to the Double Taxation Relief (Taxes on Income) (Singapore) Orderf1, have been made with the Government of the Republic of Singapore;
the arrangements have been made with a view to affording relief from double taxation in relation to income tax, corporation tax, capital gains tax and taxes of a similar character imposed by the laws of the Republic of Singapore and for the purpose of assisting international tax enforcement; and
it is expedient that those arrangements should have effect.
Signature
Name
Clerk of the Privy Council
Explanatory note
(This note is not part of the Order)
The Schedule to this Order contains a Protocol (“the Protocol”) which amends the Agreement between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of the Republic of Singapore for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and Capital Gains, which was scheduled to the Double Taxation Relief (Taxes on Income) (Singapore) Order 1997 (S.I. 1997/2988) (“the 1997 Agreement”). This Order brings the Protocol into effect.
The 1997 Agreement aims to eliminate the double taxation of income or gains arising in one country and paid to residents of the other country. It does this by allocating the taxing rights that each treaty partner has under its domestic law over the same income and gains, and/or by providing relief from double taxation. It also has specific measures which combat discriminatory tax treatment and provide for assistance in international tax enforcement. The Protocol continues that approach by updating the exchange of information article in the 1997 Agreement to bring it into line with the new international standard for exchange of information as set out in Article 26 of the Model Tax Convention on Income and on Capital published by the Organisation for Economic Cooperation and Development (“OECD”).
Article 1 provides for citation.
Article 2 makes a declaration as to the effect and content of the arrangements set out in the Protocol.
The United Kingdom will notify Singapore upon completion of the legislative procedures required for the Protocol to enter force. Singapore will then notify the United Kingdom when it has also completed its legislative procedures and the Protocol will enter force and have effect 30 days after the date of notification by Singapore.
The date of entry into force will, in due course, be published in the London, Edinburgh and BelfastGazettes.
A full and final Impact Assessment has not been produced for this instrument as a negligible impact on the private or voluntary sectors is foreseen.