On February 27, 2017 the Singaporean Ministry of Finance issued a press release announcing that on March 14, 2017 the Agreement between the Republic of Singapore and the Oriental Republic of Uruguay for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income and on Capital, which was concluded on January 15, 2015 (Hereafter: the DTA), will enter into force on March 14, 2017.

Based on Article 28, Paragraph 2 of the DTA (“Entry into Force”) the fact that the DTA will enter into force on March 14, 2017 means that the provisions of the DTA shall have effect:

(a)  in Singapore:

(i)   in respect of taxes withheld at source, on amounts liable to be paid, deemed paid or paid (whichever is the earliest) on or after January 1, 2018; and

(ii)  in respect of tax chargeable (other than taxes withheld at source) for any year of assessment beginning on or after January 1, 2019;

(b)  in Uruguay:

(i)   in respect of taxes due at source, for amounts credited or paid on or after January 1, 2018; and

(ii)  in respect of other taxes, for the taxable periods beginning on or after January 1, 2018;

(c)  in Singapore and in Uruguay:

in respect of Article 26 (Exchange of Information), for requests made on or after March 14, 2017 concerning information for taxes relating to taxable periods beginning on or after January 1, 2018; or where there is no taxable period, for all charges to tax arising on or after January 1, 2018.

An analysis of the DTA, as well as a link to the text of the DTA, can be found in our article from January 16, 2015. Click here to be forwarded to our article from January 16, 2015.

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