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Subsidiary Legislation

Income Tax (Singapore — Vietnam) (Avoidance of Double Taxation Agreement) (Modifications to Implement Multilateral Instrument) Order 2023

Official textFrom Singapore Statutes Online, unchanged

reg 1Citation and commencement

This Order is the Income Tax (Singapore — Vietnam) (Avoidance of Double Taxation Agreement) (Modifications to Implement Multilateral Instrument) Order 2023 and comes into operation on 1 September 2023.

reg 2Purpose

(1)

This Order amends the arrangements made between the Government of the Republic of Singapore and the Government of the Socialist Republic of Vietnam as specified in the Schedule to the Income Tax (Singapore — Vietnam) (Avoidance of Double Taxation Agreement) Order 1994 (O 31A) (called in this Order the Agreement), as modified by the Protocol specified in the Schedule to the Income Tax (Singapore — Vietnam) (Avoidance of Double Taxation Agreement) Order 2013 (G.N. No. S 9/2013).

(2)

The purpose of this Order is to amend the Agreement to give effect to Singapore’s obligations under the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting done at Paris on 24 November 2016 (as amended from time to time).

Subregulation 1

This Order amends the arrangements made between the Government of the Republic of Singapore and the Government of the Socialist Republic of Vietnam as specified in the Schedule to the Income Tax (Singapore — Vietnam) (Avoidance of Double Taxation Agreement) Order 1994 (O 31A) (called in this Order the Agreement), as modified by the Protocol specified in the Schedule to the Income Tax (Singapore — Vietnam) (Avoidance of Double Taxation Agreement) Order 2013 (G.N. No. S 9/2013).

Subregulation 2

The purpose of this Order is to amend the Agreement to give effect to Singapore’s obligations under the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting done at Paris on 24 November 2016 (as amended from time to time).

reg 3Amendment of Agreement

The provisions of the Agreement are amended in the manner set out in the Schedule.

reg 4Entry into effect

The amendments mentioned in paragraph 3 have effect —

(a)

with respect to taxes withheld at source — in respect of amounts paid, deemed paid or liable to be paid (whichever is the earliest), on or after 1 January 2024; and

(b)

with respect to taxes other than those withheld at source — where the income is derived or received in a basis period beginning on or after 1 March 2024.