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Singapore – Vietnam Double Tax Treaty
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Singapore – Vietnam Double Tax Treaty A presentation brought to you by OpenCompanySingapore.com 1
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Transcript of Singapore – Vietnam Double Tax Treaty
Singapore – Vietnam Double Tax TreatyA presentation brought to you by OpenCompanySingapore.com
1
Trade Relations Between Singapore and Vietnam
• Singapore has a good trading relation with all Asian countries, among which China, Hong Kong, Vietnam and so on.
• This is also why Singapore and Vietnam have signed various agreements during time, including a double tax treaty.
2
The First Singapore Double Tax Treaty with Vietnam
• The Singapore- Vietnam double tax agreement (DTA) was first signed in 1994.
• In January 2013, the first DTA was amended when the two states have signed a new protocol, which had as a purpose to update the vision on double taxation for corporate income, arising from the business operations in Singapore and Vietnam.
3
The 2013 Singapore – Vietnam Double Tax Treaty
• The Singapore- Vietnam double tax treaty signed in 2013 has changed many provisions of the precedent agreement.
• This way, the city-state has become more attractive for Vietnamese investors.
• If you are interested in Singapore company formation, our local consultants can assist you.
4
Taxes Covered by the Singapore – Vietnam Tax Treaty
• The double tax agreement between Singapore and Vietnam covers the income taxes and corporate taxes imposed in both countries.
• The agreement applies to both natural persons and companies in Singapore and Vietnam.
• Our company registration agents in Singapore can offer information on taxation in the city-state.
5
Permanent Establishments in Singapore and Vietnam
• The permanent establishment of a company was revisited under the new DTA, and the new provision states that permanent establishment refers also to furnishings of services of a company.
• As such, a Vietnamese company having operations in Singapore through a permanent establishment for more than 183 days in 12 months will be taxed on its resulting profits in Singapore.
6
Capital Gains Under the Singapore – Vietnam Treaty
• Under the new Protocol, income obtained from selling shares of a Vietnamese company can be taxed in Singapore in the situation in which the Vietnamese corporation is not listed on the stock exchange and if at least 50% of the value of the shares results from immovable property.
• Our Singapore company formation agents can offer more information on the capital gains tax.
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Withholding Taxes Under the Singapore – Vietnam Agreement
• Under the new Singapore – Vietnam DTA, the withholding tax rate on royalties for the utilization of any patent, model or design, commercial, industrial equipment or information on certain type of experience is commonly set at a reduced rate of 5%.
• For other types of royalties, the second protocol reduced the withholding tax rate from 15% to 10%.
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Company Formation Services in Singapore
• Our Singapore company formation consultants can assist clients with information on the city-state’s double tax conventions.
• You can also contact us if you want to open a company in Singapore.
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Thank you for your attention!
For more information, please contact us at:
+ 852 8191 3385
www.opencompanysingapore.com10
