Jordan, Singapore sign agreement to avoid double taxation
Jordan and Singapore signed on Wednesday, an agreement to avoid double taxation and prevent tax evasion on income between the two countries by using an electronic signature platform for this purpose.
The agreement was signed by Minister of Finance, Mohammed Al-Ississ, and his Singaporean counterpart, Indranee Rajah.
Speaking during the signing ceremony, Al-Ississ said the agreement aims to build an environment that attracts investments, exchanges information, and facilitates capital flow.
Profits generated by projects in each country are not subject to taxes in the other, Al-Ississ pointed out.
The agreement, Al-Ississ noted, defines the implementation scope of the agreement, the tax rules applicable in the two countries, and ways to eliminate double taxation on a mutual basis.
Al-Ississ expressed hope that this agreement would contribute to reviving the Jordanian-Singaporean economic relations, enhance cooperation in the tax fields, enable establishment of joint investment projects and achieve an improvement in the two countries’ economic exchange and business activity.
Jordanian and Singaporean authorities held a round of talks in Singapore earlier to agree on the agreement terms.
To date, the number of agreements to avoid double taxation on income signed by Jordan in force stands at 38.
Source: Jordan News Agency