On August 24, the Singaporean Ministry of Finance informed that it signed an Avoidance of Double Taxation Agreement (DTA) with Ethiopia and a Bilateral Investment Treaty (BIT) with Mozambique.
The signings took place at the 4th Africa Singapore Business Forum being held in Singapore from August 24 to 25. The DTA was signed by the Minister for Trade and Industry (Industry) Mr. S. Iswaran and Ethiopia’s Minister of Foreign Affairs Tedros Adhanom.
The Singaporean Ministry of Finance informed that the new DTA will lower barriers to cross-border investment and boost trade and economic flows as it clarifies the taxing rights of both countries on all forms of income flows arising from cross-border business activities, and minimizes the double taxation of such income.
The Mozambique-Singapore BIT is a legally-binding agreement which establishes rules on how the investments of each country are treated ensuring protection for the companies. Singaporean investors and investments will be:
During the signing ceremony, Minister Iswaran said, “While our traditional overseas markets remain important, Singapore companies must venture beyond these markets to seize opportunities in untapped markets in regions such as Africa." He also stressed that Singapore is "keen to build a long-term relationship with African countries and will continue to strengthen our economic ties with the African region.”
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