The Inland Revenue Authority of Singapore has announced that tax treaties signed with Rwanda and Thailand entered into force on February 15, according to agencies.

The Singapore-Rwanda treaty, signed August 26, 2014, provides for a withholding tax rate of 7.5 percent on dividends, and a 10 percent rate on interest, royalties, and professional fees (except that withholding tax for interest in the case of a governmental institution is zero).

The revised Singapore-Thailand treaty, signed June 11, 2015, lowers withholding tax rates on dividends, interest, and royalties, and lengthens the threshold period for determining the presence of a permanent establishment.

The treaty replaces an agreement signed by the parties in September 1975.

Agencies