In order to allow Singaporean and Chinese investors to avoid double taxation in both places, and to strengthen bilateral economic relations, the revised double taxation and tax avoidance taxation agreement signed by Singapore and China will take effect from January 1 this year.
The original double taxation agreement of New China was signed on December 12, 1986 and came into effect after being revised in 1991. In the revised agreement that took effect on January 1 this year, not only has the rights of the New Zealand and China taxing transnational economic activities been clearly defined, but also the new tax rate is lower than the old agreement. This means that Chinese investors will enjoy more favorable tax rates when investing in Singapore and Singapore companies investing in China in the future, which will help promote trade, investment, technology, and knowledge exchange between the two countries.
Under the amendment agreement, the withholding tax paid by corporate shareholders and ordinary shareholders for dividends and royalties will be reduced from the current 7% and 12% to 5% and 10%, respectively. In addition, the royalties for renting industrial, commercial and scientific equipment will also be reduced from 10% to 6%. Those who have sold off Chinese company stocks do not need to pay taxes in China if they do not own 25% or more of the company’s share capital in the 12 months prior to the sale of shares.
The original double taxation agreement of New China was signed on December 12, 1986 and came into effect after being revised in 1991. In the revised agreement that took effect on January 1 this year, not only has the rights of the New Zealand and China taxing transnational economic activities been clearly defined, but also the new tax rate is lower than the old agreement. This means that Chinese investors will enjoy more favorable tax rates when investing in Singapore and Singapore companies investing in China in the future, which will help promote trade, investment, technology, and knowledge exchange between the two countries.
Under the amendment agreement, the withholding tax paid by corporate shareholders and ordinary shareholders for dividends and royalties will be reduced from the current 7% and 12% to 5% and 10%, respectively. In addition, the royalties for renting industrial, commercial and scientific equipment will also be reduced from 10% to 6%. Those who have sold off Chinese company stocks do not need to pay taxes in China if they do not own 25% or more of the company’s share capital in the 12 months prior to the sale of shares.
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