Double Taxation Avoidance Agreement between Luxembourg and the Republic of Singapore in Washington
Ahead of the annual meetings of the International Monetary Fund and the World Bank, the Minister of Finance of the Grand Duchy of Luxembourg, Luc Frieden, and the Deputy Prime Minister and Minister of Finance of the Republic of Singapore, Tharman Shanmugaratnam, have agreed to avoid double taxation and prevent tax evasion with respect to taxes on income and on capital.
The aim of the new treaty, signed on 9 October 2013, is to prevent double taxation and to strengthen bilateral economic relations.
The agreements are based on the Organization for Economic Cooperation and Development's (OECD) Model Convention, providing for an exchange of information upon request. In addition, the treaty clarifies the situation of mutual funds resident in a Contracting State, which can take advantage of this new agreement.
The agreement replaces the 1993 Convention, reflecting the good relations between Luxembourg and Singapore and supporting the continuing development of international activities in the Luxembourg financial center.
Following the signing of the agreement, the ministers discussed the economic and financial situation, as well as international opportunities to strengthen the financial and economic activities between the two financial centers.
Press release, Ministry of Finance (unofficial translation by Luxembourg for Finance)
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