Business Encyclopedia

A

Accounting and Corporate Regulatory Authority (ACRA)
Audited Financial Statement
Annual General Meeting (AGM)
Annual Report (AR)
Articles of Association
Apostille

B

BizFile
Business Grants Portal
Business Profile

C

Central Provident Fund (CPF)
Certificate Of Residence (COR)
Common Reporting Standard
Common Seal
Companies Act (Cap. 50)
Company Constitution
Company Secretary
Company Stamp
CorpPass

D

Dependant’s Pass
Directors’ Resolution in Writing (DRIW)
Dividend
Dormant Company
Double Taxation Agreement (DTA)
Due Diligence

E

Electronic Register of Members (eROM)
Employment Pass (EP)
EntrePass
Enterprise Development Grant (EDG)
Estimated Chargeable Income (ECI)
Exempt Private Company (EPC)

F

Financial Year End (FYE)
Form C-S/ C
Form C-S (Lite)
Fund Accounting

G

Goods and Services Tax (GST)

H

Hedge Fund

I

Import/Export License
Income Tax
Initial Public Offering (IPO)
Inland Revenue Authority of Singapore (IRAS)
Intellectual Property Office of Singapore (IPOS)
Interim Dividend
IR21 Form

J

K

Know Your Customer (KYC)
Knowledge Capital

L

Letter of Consent (LOC)
Limited Liability Company (LLC)
Limited Liability Partnership (LLP)
Limited Partnership (LP)
Liquidation (Court Order/Compulsory)
Liquidation (Voluntary)
Long Term Visit Pass (LTVP)

M

Ministry of Manpower (MOM)
MTI

N

Nominee Director
Nominee Shareholder
National Registration Identity Card (NIRC)

O

P

Partnership
Personal Data Protection Act (PDPA)
Personalised Employment Pass (PEP)
Private limited company
Productivity Solutions Grant (PSG)
Permanent Resident (PR)

Q

Quickbook Accounting

R

Register of Charges
Register of Nominee Director
Register of Registrable Controllers (RORC)
Registered Office Address

S

S Pass
Share
Small Company
Sole Proprietor
Special Employment Credit
Sponsored Employment Pass
Striking Off

T

Trademark
Temporary Bridging Loan
Temporary Employment Credit (TEC)

U

UEN
Unaudited financial statement
Undischarged Bankrupt

V

Variable Capital Company (VCC)
Venture Capitalist (VC)

W

Wage Credit Scheme
Withholding Tax (Section 45)

X

XBRL
Xero

Y

Year of Assessment (YA)

Z

Zero Rated Supplies
Zero-rised Financial Statement

Double Taxation Agreement (DTA)

The Double Taxation Agreement (DTA) is a bilateral agreement between Singapore and other countries to relieve taxpayers of the burden of paying double tax on the same income earned as a result of cross-border economic activities. Taxpayers can also get tax reductions or exceptions on certain types of income through these DTAs. These benefits can only be availed by Singapore tax residents and the tax resident of the treaty partner.

DTA for Singapore Tax Resident

As a Singapore tax resident, if you earn foreign income from a treaty country, you would either not be required to pay any tax or pay tax at a reduced rate to the other country. You would need to submit a Certificate of Residence (COR) to the foreign jurisdiction to prove that you are a Singapore tax resident.

DTA for Tax Resident of a Treaty Country

On the other hand, if you are a tax resident of the treaty country and derive income from Singapore, you can file for tax relief from Singapore Income Tax under the DTA. One would need to submit a Certificate of Residence from Non-Residents, which is certified by the tax authority of the country of residence to IRAS. The terms and reliefs of each DTA concluded by Singapore differ from country to country. In Singapore, the relief methods include tax credits, reduced tax rate, tax exception, tax sparing credit, and relief by deduction. In case Singapore doesn’t have a DTA with a country, you can get a unilateral tax credit for the foreign income taxes paid on the income earned. Singapore already has an extensive list of countries they have DTAs with and is continuously working on adding more. Click here to access the latest list of DTAs.