Azerbaijan, Baku, Oct. 11 / Trend/
The protocol, to incorporate the internationally-agreed Organization for Economic Cooperation and Development standard for the exchange of information for tax purposes into the existing double taxation agreement (DTA) between Singapore and Uzbekistan, will enter into force on November 1, 2011, Tax-News.com reports.
The protocol was signed in Tashkent on June 14 this year by Singapore's Ambassador to Uzbekistan, Zulkifli Baharudin, and the Chairman of Uzbekistan's State Tax Committee, Botirjon Parpiev.
The original DTA was signed on July 24, 2008, and the protocol will give the tax authorities of both countries a greater ability to exchange taxpayer information and to exchange information on a wider range of taxes.
It also provides that neither tax authority can refuse to provide information solely because it does not require the information for its own domestic purposes, or because the information is held by a bank or similar institution.
The DTA covers Singapore's income tax and Uzbekistan's tax on income (profit) of legal persons and tax on income of individuals. Dividends and interest are taxed at 5% under the DTA, while royalties are taxed at a maximum rate of 8%.