Singaporean Minister of Foreign Affairs Vivian Balakrishnan (R) and Brazilian counterpart Aloysio Nunes Ferreira after the signing of the Avoidance of Double Taxation Agreement on May 7, 2018 (Source: www.straitstimes.com) Buenos Aires (VNA) – Brazil and Singapore have signed a double taxation avoidance agreement and are considering the possibility of signing a free trade agreement (FTA) between Singapore and Mercosur, the South America trade bloc. According to a statement released by the Brazilian Ministry of Foreign Affairs on May 8, the agreement was inked by Singaporean Minister of Foreign Affairs Vivian Balakrishnan and his Brazilian counterpart Aloysio Nunes Ferreira. The deal aims to prevent tax evasion and taxes paid twice on the same source of income of people staying in the two countries as well as foster bilateral investment. In a meeting held in Singapore, the foreign ministers underlined the development of bilateral trade cooperation in recent years. They … [Read more...] about Brazil, Singapore ink double taxation avoidance deal
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Vietnam, China’s Macau ink double taxation avoidance pact
An agreement was inked between Vietnam and China’s Macau Special Administrative Region (SAR) to avoid double taxation as well as prevent tax evasion, according to a press release by the Macau SAR’s financial service department on April 16. Vietnam and Macau ink agreement to avoid double taxation as well as prevent tax evasion - Photo: Kiplinger The pact was signed by Vietnamese Deputy Minister of Finance Do Hoang Anh Tuan and Macao SAR Secretary for Economy and Finance Leong Vai Tac. It aims at preventing the two governments from simultaneously taxing the same incomes received by residents in the two territories. Theo VNA … [Read more...] about Vietnam, China’s Macau ink double taxation avoidance pact
Viet Nam, Oman Ink Double Taxation Avoidance Agreement
Viet Nam and Oman signed an agreement on double taxation avoidance and income tax evasion prevention in Ha Noi on April 18. The agreement was signed by Vietnamese Finance Minister Vu Van Ninh and Omani Economy Minister Ahmed Macki in the witness of Permanent Deputy Prime Minister Nguyen Sinh Hung. It is the first of its kind between Viet Nam and a Middle Eastern country, said the Finance Ministry. The signing will create favorable conditions to support stronger economic and investment relations between Viet Nam, Oman and the Middle East region. It is hopeed to ensure Viet Nam's preferable tax system for foreign investment. The agreement follows the recent establishment of a common investment fund of Viet Nam and Oman. Viet Nam has so far signed double taxation avoidance agreements with 49 countries and territories. … [Read more...] about Viet Nam, Oman Ink Double Taxation Avoidance Agreement
Double Taxation Avoidance Agreement between Viet Nam and Hong Kong
The seminar was aimed at introducing regulations on the agreement in order to help Vietnamese and Hongkongese enterprises prepare and know clearly about the aforementioned agreement prior to the agreement coming into effect, bringing real benefit to enterprise community in the two sides. The double taxation avoidance agreement and the agreement on preventing taxation evasion with income-related taxes were signed between Viet Nam and the Hong Kong Special Administrative Region on December 16, 2008 in Ha Noi and will come into effect on January 1, 2010. Enterprises and people in the two sides will benefit once the agreements come into effect. Accordingly, if Vietnamese and Hongkongese enterprises and people pay taxes for their incomes and profit that they earned in Viet Nam or Hong Kong to the state budget of Viet Nam or Hong Kong, respectively, tariffs that they must pay to their mother countries will be deducted. The agreement was signed in order to foster the trade and investment … [Read more...] about Double Taxation Avoidance Agreement between Viet Nam and Hong Kong
Agreement on Avoidance of Double Taxation and National Treasury
With the Agreement and the Protocol on “Avoidance of Double Taxation and Prevention of Fiscal Evasion with Respect to Taxes on Income” adopted by the Government of Vietnam and the Government of the United States, Vietnam has signed agreements on double taxation avoidance with 77 countries and territories in the world, which play an important role in the globalisation process. However, it is time for Vietnam to consider benefits in exchange of sacrifices. Boosting the economy After 30 years of economic opening, to attract investment and boost trade, Vietnam negotiated and signed agreements on avoidance of double taxation with 77 countries and territories in the world as of July 2017. As of November 20, 2017, Vietnam was home to 24,580 effective foreign direct investment (FDI) projects with a total capital of US$316.91 billion registered by investors from 126 countries and territories. Foreign investors invested in 19 out of 21 economic sectors of Vietnam in all 63 … [Read more...] about Agreement on Avoidance of Double Taxation and National Treasury