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Singapore has since operated a non-resident embassy based in Singapore and maintains an honorary consulate-general based in Mexico City. Since the establishment of diplomatic relations; the relations between the two countries has developed continuously based on common international positions and companionship.
Any income arising from sources outside Singapore and received in Singapore on or after 1 January 2004 by an individual (other than partners of a partnership) is exempt from tax. This system has the potential to allow for tax avoidance practiced by individuals who derive income from abroad, gain tax exemptions via their non-resident status ...
A DTA (double tax agreement) may require tax to be levied by the country of residence, and be exempt in the country in which it arises. In other cases, the resident may pay a withholding tax to the country where the income arose, and the taxpayer receives a compensating foreign tax credit in the country of residence to reflect the fact that tax ...
Free trade areas are set up between countries; for example, the Latin America Free Trade Association (LAFTA) was created in the 1960 Treaty of Montevideo by Argentina, Brazil, Chile, Mexico, Paraguay, Peru, and Uruguay; and the North American Free Trade Agreement was established between Mexico, the United States, and Canada. In free trade areas ...
A tax treaty, also called double tax agreement (DTA) or double tax avoidance agreement (DTAA), is an agreement between two countries to avoid or mitigate double taxation. [1] Such treaties may cover a range of taxes including income taxes , inheritance taxes , value added taxes , or other taxes. [ 2 ]
"Both countries will work out the implementation details of the mutual 30-day visa exemption arrangement and implement it in early 2024," the Singapore foreign ministry aid in a statement.
Singapore Customs became the lead agency on trade facilitation and revenue enforcement matters. It is also responsible for the implementation of customs and trade enforcement measures including those related to Free Trade Agreements and strategic goods. The headquarters is located in Revenue House along Newton Road, Novena.
The United States–Singapore Free Trade Agreement was signed 6 May 2003 and ratified by the US House of Representatives on 24 July 2003 by a vote of 272-155. The US Senate ratified the bill on 31 July 2003 by a vote of 66-32. [ 1 ]