Singapore brazil relationship

Brazil signs key tax agreements with Singapore and Switzerland–MNE Tax

singapore brazil relationship

SINGAPORE — Singapore and Brazil reaffirmed their strong relations and welcomed their growing cooperation at a lunch today (Jan 6), hosted. India and Regional Organizations. Briefs on India's Bilateral Relations ( KB). Brazil · Brazil (39 KB) . Singapore · Singapore ( KB). Slovak Republic. SINGAPORE: Singapore and Brazil have signed an accord to avoid double taxation, the two countries said in a joint statement on Tuesday.

May has been quite a busy month for international tax matters in Brazil as the country signed double tax treaties with both Singapore and Switzerland.

singapore brazil relationship

These two treaties, although signed the same month, share relatively different contexts. However, negotiations for the Swiss treaty date back towhen the Swiss foreign affairs minister visited to express the considerable concern of Swiss multinationals investing in Brazil on account of Brazil listing certain Swiss structures as Privileged Tax Regimes, informally known as the grey list.

The Brazil-Switzerland tax treaty reflects that history, as well. Brazilian businesses that seek to benefit from Singapore concessionary tax rates should evaluate properly their tax exposure because popular Singapore tax incentives related to shipping, trading, and aviation remain listed as privileged tax regimes.

Country Comparison: INDIA vs BRAZIL (2018)

Technical services Both treaties introduce new Article 13 on fees for technical services and the content is exactly the same. The treaty articles are inspired by Article A of the United Nations model treaty, granting taxing rights on technical services to source countries. Singapore financial institutions SGFIs already must provide IRAS with a return setting out the CRS information of reportable accounts that they maintained during the calendar year in several jurisdictions, including Brazil.

Therefore, the new treaty is another step in strengthening EOI between Brazil and Singapore tax authorities. The corresponding exchange of information article of the Swiss tax treaty also follows the OECD tax treaty model.

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Brazil and Switzerland previously signed a treaty providing for exchange of information which was approved by the Brazilian House of Representatives on September 21, The treaty has been sent to the Senate for the final approval. Under this treaty, both countries will provide mutual aid for collection and execution of tax credits. Also, the agreement states that tax authorities may use, under request, information provided by banks, financial institutions, and any person acting as representative, including nominees and trustees.

singapore brazil relationship

Singapore's urban planning, the solutions it has found for mobility in dense urban spaces and the way the housing problem was approached and tackled translated the concept of sustainable development into reality.

We are aware that to replicate its success story is next to impossible, but useful lessons are to be drawn when adapting it to other countries' local circumstances. In Brazil, the six-month old government of President Michel Temer is facing a daunting task. The last three years witnessed an unprecedented contraction of economic activity.

Base erosion and profit shifting

To address pressing economic challenges, a bold plan of structural reforms was set in motion. These reforms are hard but necessary, and some of them are already paying off. Inflation is well under control, interest rates are declining at a faster pace than anticipated, and our currency is one of the best performing among emerging countries. Confidence is being restored.

Foreign relations of Singapore - Wikipedia

Unemployment levels are high, but hires are already outpacing layoffs. Last but not least, Brazil is launching new plans for concessions and privatizations, and the rules governing them have been reformed.

singapore brazil relationship

Over the years, Singapore and Brazil have built solid ties. InSingapore ranked among the 15 main destinations for Brazilian exports, ahead of many of our South American partners. In addition, such exports are not limited to mineral and agricultural commodities, as they now also reflect the growing interdependence of our offshore oil and gas industries.

Brazil signs key tax agreements with Singapore and Switzerland

Unbeknownst to many, a significant share of Singapore's domestic consumption of meat comes from Brazil, be it beef, chicken or pork. When most habitants of the island enjoy their chicken rice, it is very likely that they will be savouring chicken from Brazil.

singapore brazil relationship

As a leading food exporter, Brazil takes very seriously its responsibility to ensure food safety and health. The competence and professionalism of Singaporean authorities and the confidence they placed in the Brazilian inspection and law enforcement systems are to be highly praised. Brazil's most important and globalized companies have established themselves in Singapore.

singapore brazil relationship