The Schedule to this Order contains a Protocol (“the Protocol”) which amends the Agreement between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of the Republic of Singapore for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and Capital Gains, which was scheduled to the Double Taxation Relief (Taxes on Income) (Singapore) Order 1997 (S.I. 1997/2988) (“the 1997 Agreement”). This Order brings the Protocol into effect.

The 1997 Agreement aims to eliminate the double taxation of income or gains arising in one country and paid to residents of the other country. It does this by allocating the taxing rights that each treaty partner has under its domestic law over the same income and gains, and/or by providing relief from double taxation. It also has specific measures which combat discriminatory tax treatment and provide for assistance in international tax enforcement. The Protocol continues that approach by updating the exchange of information article in the 1997 Agreement to bring it into line with the new international standard for exchange of information as set out in Article 26 of the Model Tax Convention on Income and on Capital published by the Organisation for Economic Cooperation and Development (“OECD”).

Article 1 provides for citation.

Article 2 makes a declaration as to the effect and content of the arrangements set out in the Protocol.

The United Kingdom will notify Singapore upon completion of the legislative procedures required for the Protocol to enter force. Singapore will then notify the United Kingdom when it has also completed its legislative procedures and the Protocol will enter force and have effect 30 days after the date of notification by Singapore.

The date of entry into force will, in due course, be published in the London, Edinburgh and BelfastGazettes.

A full and final Impact Assessment has not been produced for this instrument as a negligible impact on the private or voluntary sectors is foreseen.