Singapore does not ‘indulge' in tax agreement with Indonesia: Finance Ministry

Submitted By:  Luz Wendy Noble Case Study:  No The Lion City will not hesitate to impose action against firms with cross-border tax evasion. Singapore’s Ministry of Finance refuted a news article by CNBC Indonesia which claims that its Double Taxation Agreement (DTA) with Indonesia ‘indulges Singapore’. “Provisions under the DTA are reciprocal, like any other DTA,” the ministry said. “So, under Article 11(3), Singapore tax residents are exempted from Indonesian tax on interest income derived from bonds issued by the Indonesia government, and are taxable only in Singapore.” read more