Economy

Nigeria-Singapore income tax treaty to take effect Jan. 1

by Bloomberg

August 10, 2018 | 1:40 am
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A bilateral double taxation agreement between Nigeria and Singapore generally is to take effect Jan. 1, 2019, although in Singapore, provisions regarding income taxes other than withholding taxes are to take effect Jan. 1, 2020.
The treaty, also known as a DTA, is to affect how each country’s income tax laws apply to workers from one of the countries who work in the other. The measure is the first agreement covering personal income taxation between Nigeria and Singapore. The treaty was signed Aug. 2, 2017, and is to enter into force Nov. 1, 2018, the Inland Revenue Authority of Singapore said Aug. 3, 2018, in a news release.
Among the taxation elements of the treaty are articles regarding income pertaining to employment, independent personal services, capital gains, director fees, artists and professional athletes, teachers and researchers, students, and pensions.
Under the treaty, double-taxation avoidance with regard to employment income generally is applicable to employees who are residents of one country but who work in the other country for up to an aggregate of 183 days in a 12-month period starting or ending in the applicable fiscal year.

 

Bloomberg

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by Bloomberg

August 10, 2018 | 1:40 am
  |     |     |   Start Conversation

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