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Attracting Investments with Tax Treaties — An Analysis of Singapore’s Tax Treaty Policy

Recently Singapore ratified its avoidance of double taxation agreement (DTA) with Libya, bringing the total number of comprehensive DTAs that Singapore has in force to 64 (with another five treaties pending ratification). This achievement is impressive, considering that the other “Asian tigers” of Hong Kong, Taiwan, and South Korea have 8, 20, and 77 DTAs, respectively, at the time of writing. Singapore considers its tax-treaty network integral to maintaining a competitive tax regime. Other countries or regions such as Hong Kong also share this view. Mr Frederick Ma, a former Hong Kong Secretary for Financial Services and the Treasury, previously said: “Many places in the region have already established a network of [comprehensive DTAs]. Having such a network in place for Hong Kong will put us on a par with other places in the region that already have one, thereby further enhancing our competitiveness. Since Singapore’s international tax policies are closely tied to its economic goals, here we examine how its economic strategy has shaped its DTA policy.