Singapore signs new Double Tax Treaty with Ghana

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Singapore and Ghana signed a double tax agreement on 31 March 2017.  The treaty provides clarification to the taxing rights of both countries on all types of income flows arising from cross-border business activities, and provides provision to ensure the avoidance of double taxation of such income.

According to the treaty the maximum rate of withholding taxes on dividends, interest, and royalties will be 7%.  However, the withholding tax rate on service fees will be 10%.

The agreement will enter into force after both countries complete the ratification procedure and the above rates will become effective on or after January 1 following the year in which the agreement comes into force.

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