Singapore And Ghana Sign DTA

The Singapore Government announced that it signed an Agreement for the Avoidance of Double Taxation (DTA) with the Republic of Ghana on March 31.

Background

The signing took place in Ghana between Minister of State for Trade and Industry Dr. Koh Poh Koon and Ghana’s Minister for Finance Ken Ofori-Atta. The DTA aims to lower barriers to cross-border investments and boost trade by clarifying the taxing rights on income flows arising from cross-border business activities and minimising the double taxation of such income. The existing taxes to which this Agreement shall apply are the income tax in both countries.

Permanent Establishment

The DTA arranges that a building site, construction, assembly or installation project or supervisory activities in connection therewith constitute a permanent establishment only if such site, project or activities lasts more than 6 months.

Interest and Royalties

If the beneficial owner of the interest is a resident of the other Contracting State, the Source State can withhold 7 per cent of the gross amount of the interest. If the beneficial owner of the royalties is a resident of the other Contracting State, the Source State can withhold 7 per cent of the gross amount of the royalties.

Source: Singapore Government - Press Release, DTA  
 

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