ELIMINATION OF DOUBLE TAXATION. 1. Subject to any provisions of the laws of New Zealand which may from time to time be in force which relate to the allowance of a credit against New Zealand tax of tax paid in a country outside New Zealand (which shall not affect the general principle of this Article), Singapore tax paid under the laws of Singapore and consistent with this Agreement, whether directly or by deduction, in respect of income derived by a resident of New Zealand from sources in Singapore (excluding, in the case of a dividend, tax paid in respect of the profits out of which the dividend is paid) shall be allowed as a credit against New Zealand tax payable in respect of that income. 2. Subject to any provisions of the laws of Singapore which may from time to time be in force and which relate to the allowance of a credit against Singapore tax of tax paid in a country outside Singapore (which shall not affect the general principles hereof), New Zealand tax paid under the law of New Zealand and in accordance with this Agreement, whether directly or by deduction, in respect of income derived by a Singapore resident from sources in New Zealand (excluding, in the case of a dividend, tax paid in respect of profits out of which the dividend is paid) shall be allowed as a credit against Singapore tax payable in respect of that income. However, where such income is a dividend paid by a company which is a New Zealand resident to a company which is a Singapore resident and which beneficially owns at least 10% of the paid-up share capital in the first-mentioned company the credit shall take into account (in addition to any New Zealand tax on dividends) the New Zealand tax paid by the first-mentioned company in respect of its profits. 3. For the purposes of paragraph 1 of this Article, a New Zealand resident deriving income from sources in Singapore consisting of − (a) profits, being profits in respect of which an exemption from Singapore tax has been granted under the provisions of the Economic Expansion Incentives (Relief from Income Tax) Act, (Chapter 86) of Singapore; or (b) interest or royalties, being interest or royalties in respect of which an exemption from or reduction of Singapore tax has been granted under the provisions of the said Economic Expansion Incentives (Relief from Income Tax) Act, (Chapter 86) − shall be deemed to have paid Singapore tax in an amount or, as the case may be, the Singapore tax paid shall be deemed to have been increased by an amount equal to the amount by which the Singapore tax that otherwise would have been payable under the law of Singapore and in accordance with this Agreement in respect of those profits or, as the case may be, that interest or those royalties is reduced by the exemption or reduction granted. 4. Every reference in paragraph 3 to the Economic Expansion Incentives (Relief from Income Tax) Act, (Chapter 86) shall be deemed to include a reference to any other law which is imposed in Singapore after the date of signature of this Agreement in modification of, or in addition to, or in substitution for, that Act and which is agreed, in an Exchange of Letters between the Contracting States, to be of a substantially similar character to the provisions of that Act as in force at the date of signature of this Agreement. 5. Notwithstanding paragraph 3, a New Zealand resident deriving income from Singapore, being income referred to in that paragraph, shall not be deemed to have paid Singapore tax in respect of such income where the competent authority of New Zealand considers, after consultation with the competent authority of Singapore, that it is inappropriate to do so having regard to: (a) whether any prearrangements have been entered into by any person for the purpose of taking advantage of paragraph 3 for the benefit of that person or any other person; (b) whether any benefit accrues or may accrue to a person who is neither a New Zealand resident nor a Singapore resident; (c) the prevention of fraud or the avoidance of the taxes to which the Agreement applies; (d) any other matter which the competent authorities consider relevant in the particular circumstances of the case including any submissions from the New Zealand resident concerned. 6. The provisions of paragraph 3 shall apply for the first 10 years for which the Agreement is effective.
Appears in 6 contracts
Samples: Agreement for the Avoidance of Double Taxation, Agreement for the Avoidance of Double Taxation, Agreement for the Avoidance of Double Taxation
ELIMINATION OF DOUBLE TAXATION. Double taxation shall be eliminated as follows:
1. Subject to any provisions In the case of the laws of New Zealand which may from time to time be in force which relate to the allowance of a credit against New Zealand tax of tax paid in a country outside New Zealand Mauritius:
(which shall not affect the general principle of this Article), Singapore tax paid under the laws of Singapore and consistent with this Agreement, whether directly or by deduction, in respect of income derived by a) where a resident of New Zealand Mauritius derives income from sources Singapore the amount of tax on that income payable in Singapore in accordance with the provisions of this Agreement may be credited against the Mauritius tax imposed on that resident;
(excludingb) where a company which is a resident of Singapore pays a dividend to a company which is a resident of Mauritius and which controls, in directly or indirectly, at least 10 per cent of the case capital of a the company paying the dividend, the credit shall take into account (in addition to any Singapore tax paid for which credit may be allowed under sub-paragraph (a)) the Singapore tax payable by the first-mentioned company in respect of the profits out of which the such dividend is paid. Provided that any credit allowed under sub-paragraphs (a) and (b) shall be allowed not exceed the Mauritius tax (as a credit against New Zealand tax payable in respect of that incomecomputed before allowing any such credit), which is appropriate to the profits or income derived from sources within Singapore.
2. Subject to any In the case of Singapore:
(a) where a resident of Singapore derives income from Mauritius which, in accordance with the provisions of the this Agreement, may be taxed in Mauritius, Singapore shall, subject to its laws of Singapore which may from time to time be in force and which relate to regarding the allowance of as a credit against Singapore tax of tax paid payable in a any country outside Singapore (which shall not affect other than Singapore, allow the general principles hereof), New Zealand Mauritius tax paid under the law of New Zealand and in accordance with this Agreementpaid, whether directly or by deduction, in respect of income derived by a Singapore resident from sources in New Zealand (excluding, in the case of a dividend, tax paid in respect of profits out of which the dividend is paid) shall be allowed as a credit against the Singapore tax payable in respect on the income of that income. However, resident;
(b) where such income is a dividend paid by a company which is a New Zealand resident of Mauritius to a company resident of Singapore which is a Singapore resident and which beneficially owns at least 10% company owning directly or indirectly not less than 10 per cent of the paid-up share capital in of the first-mentioned company company, the credit shall take into account (in addition to any New Zealand tax on dividends) the New Zealand Mauritius tax paid by that company on the first-mentioned company in respect portion of its profitsprofits out of which the dividend is paid.
3. For the purposes of allowing as a credit in paragraph 1 of this Article1, a New Zealand resident deriving income from sources the tax payable in Singapore consisting of −
(a) profits, being profits in respect of which an exemption from Singapore tax has been granted under the provisions of the Economic Expansion Incentives (Relief from Income Tax) Act, (Chapter 86) of Singapore; or
(b) interest or royalties, being interest or royalties in respect of which an exemption from or reduction of Singapore tax has been granted under the provisions of the said Economic Expansion Incentives (Relief from Income Tax) Act, (Chapter 86) − shall be deemed to have paid Singapore tax in an amount or, as the case may be, the Singapore tax paid shall be deemed to have been increased by an amount equal to the amount by which the Singapore tax that otherwise would have been payable under the law of Singapore and in accordance with this Agreement in respect of those profits or, as the case may be, that interest or those royalties is reduced by the exemption or reduction granted.
4. Every reference in paragraph 3 to the Economic Expansion Incentives (Relief from Income Tax) Act, (Chapter 86) shall be deemed to include a reference to any other law tax which is imposed in would have been payable as Singapore after tax for any year but for any reduction or exemption of Singapore tax granted as tax incentives for the date promotion of signature of this Agreement in modification of, or in addition to, or in substitution for, that Act and which is agreed, in an Exchange of Letters between the Contracting States, to be of a substantially similar character to the provisions of that Act economic development insofar as they were in force at on, and have not been modified since, the date of signature of this Agreement, or have been modified only in minor respects so as not to affect their general character, or for any other provisions which may subsequently be introduced, granting a reduction of tax which is agreed by the competent authorities of the Contracting States to be of a substantially similar character, if it has not been modified thereafter, or has been modified only in minor respects so as not to affect its general character.
54. Notwithstanding For the purposes of paragraph 32, a New Zealand resident deriving income from Singapore, being income referred to in that paragraph, "Mauritius tax paid" shall not be deemed to have paid Singapore tax in respect of such income where the competent authority of New Zealand considers, after consultation with the competent authority of Singapore, that it is inappropriate to do so having regard toinclude:
(a) whether any prearrangements amount which would have been entered into by payable as Mauritius tax for any person year but for a reduction or exemption of Mauritius tax granted as tax incentives for the purpose promotion of taking advantage economic development insofar as they were in force on, and have not been modified since, the date of paragraph 3 signature of this Agreement, or have been modified only in minor respects so as not to affect their general character, or for the benefit of that person or any other personprovisions which may subsequently be introduced, granting a reduction of tax which is agreed by the competent authorities of the Contracting States to be of a substantially similar character, if it has not been modified thereafter, or has been modified only in minor respects so as not to affect its general character;
(b) whether any benefit accrues in the case of income derived from Mauritius under Article 10, 11 or may accrue to 12, a person who is neither a New Zealand resident nor a Singapore resident;
(c) the prevention tax of fraud or the avoidance 10 per cent of the taxes to which the Agreement applies;
(d) any other matter which the competent authorities consider relevant in the particular circumstances of the case including any submissions from the New Zealand resident concernedgross income.
65. The provisions of paragraph paragraphs 3 and 4 shall apply for the first 10 years for which the Agreement is effectiveeffective but the competent authorities of the Contracting States may consult each other to determine whether this period shall be extended.
Appears in 6 contracts
Samples: Agreement for the Avoidance of Double Taxation, Agreement for the Avoidance of Double Taxation, Double Taxation Agreement
ELIMINATION OF DOUBLE TAXATION. (1. ) Subject to any provisions of the laws of New Zealand which may from time to time be in force which relate to Fiji regarding the allowance of as a credit against New Zealand Fiji tax of tax paid payable in a any country outside New Zealand (which shall not affect the general principle of this Article)other than Fiji, Singapore tax paid payable under the laws of Singapore and consistent in accordance with this AgreementAgreement by a resident of Fiji in respect of income derived from Singapore shall be allowed as credit against Fiji tax payable in respect of that income. Where such income is a dividend paid by a company which is a resident of Singapore to a company which is a resident of Fiji and which owns not less than 10 per cent of the voting shares of the company paying the dividend, the credit shall also take into account Singapore tax payable by that company in respect of its income out of which the dividend is paid. The credit shall not, however, exceed that part of the Fiji tax, as computed before the credit is given, which is appropriate to such item of income.
(2) For the purposes of paragraph (1), the term “Singapore tax payable” shall be deemed to include any amount which would have been payable as Singapore tax for any year but for an exemption or reduction of tax granted for that year or any part thereof under any provisions of Singapore law, or any other provision which may subsequently be made granting an exemption or reduction of tax which is agreed by the competent authorities of the Contracting State to be of a substantially similar character, if it has not been modified thereafter or has been modified only in minor respects so as not to affect its general character.
(3) Subject to the laws of Singapore regarding the allowance as a credit against Singapore tax of tax payable in any country other than Singapore, Fiji tax paid whether directly or by deduction, in respect of income derived by a resident of New Zealand from sources in Singapore (excluding, in the case of a dividend, tax paid in respect of the profits out of which the dividend is paid) shall be allowed as a credit against New Zealand tax payable in respect of that income.
2. Subject to any provisions of the laws of Singapore which may from time to time be in force and which relate to the allowance of a credit against Singapore tax of tax paid in a country outside Singapore (which shall not affect the general principles hereof), New Zealand tax paid under the law of New Zealand and in accordance with this Agreement, whether directly or by deduction, in respect of income derived by a Singapore resident from sources in New Zealand (excluding, in the case of a dividend, tax paid in respect of profits out of which the dividend is paid) Fiji shall be allowed as a credit against Singapore tax payable in respect of that income. However, where Where such income is a dividend paid by a company which is a New Zealand resident of Fiji to a company which is a resident of Singapore resident and which beneficially owns at least 10% directly or indirectly not less than 10 per cent of the paid-up share capital in of the first-mentioned company company, the credit shall also take into account (in addition to any New Zealand tax on dividends) the New Zealand Fiji tax paid by that company on the first-mentioned company in respect portion of its profitsthe profits out of which the dividend is paid. The credit shall not, however, exceed that part of the Singapore tax, as computed before the credit is given, which is appropriate to such item of income.
3. (4) For the purposes of paragraph 1 of this Article(3), a New Zealand resident deriving income from sources in Singapore consisting of −
(a) profitsthe term, being profits in respect of which an exemption from Singapore “Fiji tax has been granted under the provisions of the Economic Expansion Incentives (Relief from Income Tax) Act, (Chapter 86) of Singapore; or
(b) interest or royalties, being interest or royalties in respect of which an exemption from or reduction of Singapore tax has been granted under the provisions of the said Economic Expansion Incentives (Relief from Income Tax) Act, (Chapter 86) − payable” shall be deemed to have paid Singapore tax in include an amount or, as the case may be, the Singapore tax paid shall be deemed to have been increased by an amount equal equivalent to the amount by which the Singapore of any tax that otherwise would have been payable forgone which, under the law laws of Singapore Fiji and in accordance with this Agreement Agreement, would have been payable as tax on income but for an exemption from, or a reduction of tax on that income resulting from the operation of the special incentives under the laws of Fiji for the promotion of economic development of Fiji which were in respect of those profits or, as the case may be, that interest or those royalties is reduced by the exemption or reduction granted.
4. Every reference in paragraph 3 to the Economic Expansion Incentives (Relief from Income Tax) Act, (Chapter 86) shall be deemed to include a reference to any other law which is imposed in Singapore after force on the date of the signature of this Agreement or any other provisions which may subsequently be introduced in Fiji in modification of, or in addition to, or in substitution for, that Act and which is agreed, in an Exchange to those laws so far as they are agreed by the competent authorities of Letters between the Contracting States, States to be of a substantially similar character to character.
(5) For the purposes of the provisions of that Act as in force at this Article, the date terms “Singapore tax” and “Fiji tax” do not include any amount which represents a penalty or penal interest imposed under the law of signature of this Agreement.
5. Notwithstanding paragraph 3, a New Zealand resident deriving income from Singapore, being income referred either Contracting State relating to in that paragraph, shall not be deemed to have paid Singapore tax in respect of such income where the competent authority of New Zealand considers, after consultation with the competent authority of Singapore, that it is inappropriate to do so having regard to:
(a) whether any prearrangements have been entered into by any person for the purpose of taking advantage of paragraph 3 for the benefit of that person or any other person;
(b) whether any benefit accrues or may accrue to a person who is neither a New Zealand resident nor a Singapore resident;
(c) the prevention of fraud or the avoidance of the taxes to which the this Agreement applies;.
(d6) any other matter which the competent authorities consider relevant in the particular circumstances of the case including any submissions from the New Zealand resident concerned.
6. The provisions of paragraph 3 paragraphs (2) and (4) shall apply for the first 10 12 years for which the Agreement is effectiveeffective but the competent authorities of the Contracting States may consult each other to determine whether this period should be extended.
Appears in 4 contracts
Samples: Agreement for the Avoidance of Double Taxation, Agreement for the Avoidance of Double Taxation, Double Taxation Avoidance Agreement
ELIMINATION OF DOUBLE TAXATION. 1. Subject to any the provisions of the laws of New Zealand which may from time to time be in force which relate to Ireland regarding the allowance of as a credit against New Zealand Irish tax of tax paid payable in a country territory outside New Zealand Ireland (which shall not affect the general principle of this Article), hereof) –
(a) Singapore tax paid payable under the laws of Singapore and consistent in accordance with this Agreement, whether directly or by deduction, in respect of on profits, income derived by a resident of New Zealand or gains from sources in within Singapore (excluding, excluding in the case of a dividend, dividend tax paid payable in respect of the profits out of which the dividend is paid) shall be allowed as a credit against New Zealand any Irish tax computed by reference to the same profits, income or gains by reference to which Singapore tax is computed.
(b) In the case of a dividend paid by a company which is a resident of Singapore to a company which is a resident of Ireland and which controls directly or indirectly 10 per cent or more of the voting power in the company paying the dividend, the credit shall take into account (in addition to any Singapore tax creditable under the provisions of subparagraph (a) of this paragraph) Singapore tax payable by the company in respect of that incomethe profits out of which such dividend is paid.
2. Subject to any In Singapore, double taxation shall be avoided as follows: Where a resident of Singapore derives income from Ireland which, in accordance with the provisions of the this Agreement, may be taxed in Ireland, Singapore shall, subject to its laws of Singapore which may from time to time be in force and which relate to regarding the allowance of as a credit against Singapore tax of tax paid payable in a any country outside Singapore (which shall not affect other than Singapore, allow the general principles hereof), New Zealand Irish tax paid under the law of New Zealand and in accordance with this Agreementpaid, whether directly or by deduction, in respect of income derived by a Singapore resident from sources in New Zealand (excluding, in the case of a dividend, tax paid in respect of profits out of which the dividend is paid) shall be allowed as a credit against the Singapore tax payable in respect on the income of that incomeresident. However, where Where such income is a dividend paid by a company which is a New Zealand resident of Ireland to a company resident of Singapore which is a Singapore resident and which beneficially owns at least 10% company owning directly or indirectly not less than 10 per cent of the paid-up share capital in of the first-mentioned company company, the credit shall take into account (in addition to any New Zealand tax on dividends) the New Zealand Irish tax paid by that company on the first-mentioned company in respect portion of its profitsprofits out of which the dividend is paid.
3. For the purposes of paragraph 1 of this Article, a New Zealand resident deriving income from sources in Singapore consisting of −
(a) Article profits, being profits income and gains owned by a resident of a Contracting State which may be taxed in respect of which an exemption from Singapore tax has been granted under the provisions of the Economic Expansion Incentives (Relief from Income Tax) Act, (Chapter 86) of Singapore; or
(b) interest or royalties, being interest or royalties in respect of which an exemption from or reduction of Singapore tax has been granted under the provisions of the said Economic Expansion Incentives (Relief from Income Tax) Act, (Chapter 86) − shall be deemed to have paid Singapore tax in an amount or, as the case may be, the Singapore tax paid shall be deemed to have been increased by an amount equal to the amount by which the Singapore tax that otherwise would have been payable under the law of Singapore and other Contracting State in accordance with this Agreement shall be deemed to be derived from sources in respect of those profits or, as the case may be, that interest or those royalties is reduced by the exemption or reduction grantedother Contracting State.
4. Every reference Where in paragraph 3 to the Economic Expansion Incentives (Relief from Income Tax) Act, (Chapter 86) shall be deemed to include a reference to accordance with any other law which is imposed in Singapore after the date of signature provisions of this Agreement income derived by a resident of a Contracting State is exempt from tax in modification ofthat State, or in addition to, or in substitution for, that Act and which is agreedsuch State may nevertheless, in an Exchange calculating the amount of Letters between tax on the Contracting States, to be of a substantially similar character to the provisions of that Act as in force at the date of signature of this Agreement.
5. Notwithstanding paragraph 3, a New Zealand resident deriving remaining income from Singapore, being income referred to in that paragraph, shall not be deemed to have paid Singapore tax in respect of such income where resident, take into account the competent authority of New Zealand considers, after consultation with the competent authority of Singapore, that it is inappropriate to do so having regard to:
(a) whether any prearrangements have been entered into by any person for the purpose of taking advantage of paragraph 3 for the benefit of that person or any other person;
(b) whether any benefit accrues or may accrue to a person who is neither a New Zealand resident nor a Singapore resident;
(c) the prevention of fraud or the avoidance of the taxes to which the Agreement applies;
(d) any other matter which the competent authorities consider relevant in the particular circumstances of the case including any submissions from the New Zealand resident concernedexempted income.
6. The provisions of paragraph 3 shall apply for the first 10 years for which the Agreement is effective.
Appears in 3 contracts
Samples: Double Taxation Agreement, Double Taxation Agreement, Double Taxation Agreement
ELIMINATION OF DOUBLE TAXATION. 1. (a) Subject to any the provisions of the laws law of New Zealand which may from time to time be in force which relate to the United Kingdom regarding the allowance of as a credit against New Zealand United Kingdom tax of tax paid payable in a country territory outside New Zealand the United Kingdom (which shall not affect the general principle hereof) and subject to sub-paragraph (b) of this Article)paragraph, Singapore tax paid payable under the laws of Singapore and consistent in accordance with this Agreement, whether directly or by deduction, in respect of on profits, income derived or chargeable gains from sources within Singapore shall be allowed as a credit against any United Kingdom tax computed by reference to the same profits, income or chargeable gains by reference to which the Singapore tax is computed.
(b) Where such income is a dividend paid by a company which is a resident of New Zealand from sources in Singapore (excluding, in the case of a dividend, credit shall only take into account such tax paid in respect of thereof as is additional to any tax payable by the company on the profits out of which the dividend is paidpaid and is ultimately borne by the recipient without reference to any tax so payable. Where, however, the dividend is paid to a company which is a resident of the United Kingdom and which controls directly or indirectly at least 10 per cent of the voting power in the company paying the dividend, the credit shall take into account (in addition to any Singapore tax appropriate to the dividend) shall be allowed as a credit against New Zealand the Singapore tax payable in respect of that incomeits profits by the company paying the dividend.
2. (a) Subject to any the provisions of the laws law of Singapore which may from time to time be in force and which relate to regarding the allowance of as a credit against Singapore tax of tax paid payable in a any country outside other than Singapore and sub- paragraph (which shall not affect the general principles hereof)b) of this paragraph, New Zealand United Kingdom tax paid payable under the law laws of New Zealand the United Kingdom and in accordance with this Agreement, whether directly or by deduction, in respect of income derived by a Singapore resident from sources in New Zealand within the United Kingdom (excluding, excluding in the case of a dividend, tax paid payable in respect of the profits out of which the dividend is paid) ), shall be allowed as a credit against Singapore tax payable in respect of that income. However, where .
(b) Where such income is a dividend paid by a company which is a New Zealand resident of the United Kingdom, the credit shall take into account only United Kingdom tax chargeable specifically on the dividend other than the tax chargeable in respect of the profits or income of the company. Where, however, the dividend is paid to a company which is a resident of Singapore resident and which beneficially owns at least 10% holds directly or indirectly not less than 10 per cent of the paid-up share capital in the first-mentioned company United Kingdom company, the credit shall take into account (in addition to any New Zealand United Kingdom income tax chargeable specifically on dividendsthe dividend) the New Zealand United Kingdom tax paid by the first-mentioned company payable in respect of its profitsprofits out of which the dividend is paid.
(3. ) For the purposes of paragraphs 1 and 2 of this Article, profits, income and capital gains owned by a resident of a Contracting State which may be taxed in the other Contracting State in accordance with this Agreement shall be deemed to arise from sources in that other Contracting State.
(4) Subject to paragraph 5 of this Article, for the purpose of paragraph 1 of this Article, a New Zealand resident deriving Article the term "Singapore tax payable" shall be deemed to include any amount which would have been payable as Singapore tax in respect of profits or income from sources in for any year but for an exemption or reduction of tax granted for that year or any part thereof under any of the following provisions of Singapore consisting of −law:
(a) profitsParts II, being profits in respect of which an exemption from Singapore tax has been granted under the provisions III, IV, V and VI of the Economic Expansion Incentives (Relief from Income Tax) Act, Act (Chapter 861970 Edition) of Singapore; orSingapore so far as they were in force on and were not modified after 21st July 1975 (being the date of signature of the Protocol amending the 1966 Agreement), or were modified only in minor respects so as not to affect their general character;
(b) interest or royaltiesParts II, being interest or royalties in respect of which an exemption from or reduction of Singapore tax has been granted under the provisions IV, VI, VIII, IX and X of the said Economic Expansion Expansions Incentives (Relief from Income Tax) Act, Act (Chapter 861994 Edition) − shall be deemed to have paid Singapore tax in an amount or, as the case may be, the Singapore tax paid shall be deemed to have been increased by an amount equal to the amount by which the Singapore tax that otherwise would have been payable under the law of Singapore (hereinafter referred to as "the Act"), so far as they were in force on, and in accordance with this Agreement in respect of those profits or, as the case may be, that interest or those royalties is reduced by the exemption or reduction granted.
4. Every reference in paragraph 3 to the Economic Expansion Incentives (Relief from Income Tax) Act, (Chapter 86) shall be deemed to include a reference to any other law which is imposed in Singapore after have not been modified since the date of signature of this Agreement in modification ofAgreement, or have been modified only in addition to, minor respects so as not to affect their general character; or
(c) any other provision which may subsequently be made granting an exemption or in substitution for, that Act and reduction of tax which is agreed, in an Exchange agreed by the competent authorities of Letters between the Contracting States, States to be of a substantially similar character to the provisions listed in sub-paragraph (b) of this paragraph, if it has not been modified thereafter or has been modified only in minor respect so as not to affect its general character. Provided that where the relief is a relief accorded:
(i) under Part VI of the Act or an earlier substantially similar provision, or any other provision agreed as in force at of a substantially similar character to Part VI, it shall be taken into account for the purposes of this paragraph only if the enterprise qualifying for the relief could have been declared to be a "pioneer enterprise" under Part II of the Act or an earlier substantially similar provision or an "expanding enterprise" under Part IV of the Act or an earlier substantially similar provision;
(ii) under Part VIII of the Act or an earlier substantially similar provision, or any other provision agreed as of a substantially similar character to Part VIII, it shall be taken into account for the purposes of this paragraph only if the exemption or reduction of tax has been granted under Part VIII or an earlier substantially similar provision before the date of signature of this Agreement.;
5. Notwithstanding (iii) under Part IX of the Act or an earlier substantially similar provision, or any other provision agreed as of a substantially similar character to Part IX, it shall be taken into account for the purposes of this paragraph 3, a New Zealand resident deriving income from Singapore, being income referred to in that paragraph, shall not be deemed to have paid Singapore tax only if the relief claimed is in respect of such income where the competent authority of New Zealand considersapproved royalties and, after consultation with the competent authority of Singapore, that it is inappropriate to do so having regard to:
(a) whether any prearrangements have been entered into by any person for the purpose of taking advantage this sub- paragraph, the term “royalties” does not include sums described in paragraph 4 of paragraph 3 for Article 12 of this Agreement;
(iv) under Part X of the benefit of that person Act, or any other person;
(b) whether any benefit accrues or may accrue provision agreed as of a substantially similar character to a person who is neither a New Zealand resident nor a Singapore resident;
(c) the prevention of fraud or the avoidance of the taxes to which the Agreement applies;
(d) any other matter which the competent authorities consider relevant in the particular circumstances of the case including any submissions from the New Zealand resident concerned.
6. The provisions of paragraph 3 Part X, it shall apply be taken into account for the first 10 years for which the Agreement is effective.purposes of this paragraph only if:
Appears in 3 contracts
Samples: Double Taxation Agreement, Double Taxation Agreement, Double Taxation Agreement
ELIMINATION OF DOUBLE TAXATION. 1. Subject to any provisions of the laws of New Zealand which may from time to time be in force which relate to the allowance of a credit against New Zealand tax of tax paid in a country outside New Zealand (which shall not affect the general principle of this Article), Singapore tax paid under the laws of Singapore and consistent with this Agreement, whether directly or by deduction, in respect of income derived by a resident of New Zealand from sources in Singapore (excluding, in the case of a dividend, tax paid in respect of the profits out of which the dividend is paid) shall be allowed as a credit against New Zealand tax payable in respect of that income.
2. Subject to any provisions of the laws of Singapore Malaysia which may from time to time be in force and which relate to the allowance of a credit against Singapore Malaysian tax of tax paid in a country outside Singapore Malaysia (which shall not affect the general principles hereof), New Zealand tax paid under the law of New Zealand and in accordance with this Agreement, whether directly or by deduction, in respect of income derived by a Singapore Malaysian resident from sources in New Zealand (excluding, excluding in the case of a dividend, tax paid in respect of profits out of which the dividend is paid) shall be allowed as a credit against Singapore Malaysian tax payable in respect of that income. However, where such income is a dividend paid by a company which is a New Zealand resident to a company which is a Singapore Malaysian resident and which beneficially owns at least 10% 10 per centum of the paid-up share capital in the first-mentioned company the credit shall take into account (in addition to any New Zealand tax on the dividends) the New Zealand tax paid by the first-mentioned company in respect of its profits.
2. Subject to any provisions of the laws of New Zealand which may from time to time be in force and which relate to the allowance of a credit against New Zealand tax of tax paid in a country outside New Zealand (which shall not affect the general principles hereof), Malaysian tax paid under the law of Malaysia and in accordance with this Agreement, whether directly or by deduction, in respect of income derived by a New Zealand resident from sources in Malaysia (excluding in the case of a dividend, tax paid in respect of the profits out of which the dividend is paid) shall be allowed as a credit against New Zealand tax payable in respect of that income. However, where a company which is a New Zealand resident beneficially owns at least 10 per centum of the paid-up share capital in a company which is a Malaysian resident, any dividend derived by the first- mentioned company from the second-mentioned company (being dividends which, in accordance with the taxation law of New Zealand in existence at the date of signature of this Agreement, would be exempt from New Zealand tax) shall be exempt from New Zealand tax and shall not be taken into account for the purpose of determining the rate of New Zealand tax payable in respect of any other income derived by that first-mentioned company.
3. For the purposes of paragraph 1 2 of this Article, a New Zealand resident deriving income from sources in Singapore consisting of −
(a) profits, being profits in respect of which an exemption from Singapore Article the term "Malaysian tax has been granted under the provisions of the Economic Expansion Incentives (Relief from Income Tax) Act, (Chapter 86) of Singapore; or
(b) interest or royalties, being interest or royalties in respect of which an exemption from or reduction of Singapore tax has been granted under the provisions of the said Economic Expansion Incentives (Relief from Income Tax) Act, (Chapter 86) − paid" shall be deemed to have paid Singapore include Malaysian tax in an amount orwhich would, as the case may be, the Singapore tax paid shall be deemed to have been increased by an amount equal to the amount by which the Singapore tax that otherwise would have been payable under the law of Singapore Malaysia and in accordance with this Agreement Agreement, have been payable on--
(a) any income derived from sources in respect Malaysia had the income not been exempted from Malaysian tax in accordance with— (i) sections 21, 22 and 26 of those profits orthe Investment Incentives Act 1968 of Malaysia so far as they were in force on, as the case may beand have not been modified since, that interest or those royalties is reduced by the exemption or reduction granted.
4. Every reference in paragraph 3 to the Economic Expansion Incentives (Relief from Income Tax) Act, (Chapter 86) shall be deemed to include a reference to any other law which is imposed in Singapore after the date of signature of this Agreement in modification ofAgreement, or have been modified only in addition to, or in substitution for, that Act and minor respects so as not to affect their general character; or
(ii) any other provision which may subsequently be made granting an exemption which is agreed, agreed in an Exchange of Letters between the Contracting States, to be of a substantially similar character character, if it has not been modified thereafter or has been modified only in minor respects so as not to the provisions of that Act as in force at the date of signature of this Agreement.
5. Notwithstanding paragraph 3, a New Zealand resident deriving income from Singapore, being income referred to in that paragraph, shall not be deemed to have paid Singapore tax in respect of such income where the competent authority of New Zealand considers, after consultation with the competent authority of Singapore, that it is inappropriate to do so having regard to:
(a) whether any prearrangements have been entered into by any person for the purpose of taking advantage of paragraph 3 for the benefit of that person or any other personaffect its general character;
(b) whether any benefit accrues or may accrue to a person who is neither a New Zealand resident nor a Singapore resident;
(c) the prevention of fraud or the avoidance of the taxes interest to which the Agreement appliesparagraph 2 of Article 9 applies had that interest not been exempted from Malaysian tax in accordance with that paragraph;
(d) any other matter which the competent authorities consider relevant in the particular circumstances of the case including any submissions from the New Zealand resident concerned.
6. The provisions of paragraph 3 shall apply for the first 10 years for which the Agreement is effective.
Appears in 2 contracts
Samples: Agreement for the Avoidance of Double Taxation, Double Taxation Avoidance Agreement
ELIMINATION OF DOUBLE TAXATION. 1. Subject to any provisions of the laws of New Zealand which may from time to time be in force which relate to the allowance of a credit against New Zealand tax of tax paid in a country outside New Zealand (which shall not affect the general principle of this Article), Singapore tax paid under the laws of Singapore and consistent with this Agreement, whether directly or by deduction, in respect of income derived by a resident of New Zealand from sources in Singapore (excluding, in the case of a dividend, tax paid in respect of the profits out of which the dividend is paid) shall be allowed as a credit against New Zealand tax payable in respect of that income.
2. Subject to any provisions of the laws of Singapore which may from time to time be in force and which relate to the allowance of a credit against Singapore tax of tax paid in a country outside Singapore (which shall not affect the general principles hereof), New Zealand tax paid under the law of New Zealand and in accordance with this Agreement, whether directly or by deduction, in respect of income derived by a Singapore resident from sources in New Zealand (excluding, in the case of a dividend, tax paid in respect of profits out of which the dividend is paid) shall be allowed as a credit against Singapore tax payable in respect of that income. However, where such income is a dividend paid by a company which is a New Zealand resident to a company which is a Singapore resident and which beneficially owns at least 10% of the paid-up share capital in the first-mentioned company the credit shall take into account (in addition to any New Zealand tax on dividends) the New Zealand tax paid by the first-mentioned company in respect of its profits.
2. Subject to any provisions of the laws of New Zealand which may from time to time be in force and which relate to the allowance of a credit against New Zealand tax of tax paid in a country outside New Zealand (which shall not affect the general principles hereof), Singapore tax paid under the law of Singapore and in accordance with this Agreement, whether directly or by deduction, in respect of income derived by a New Zealand resident from sources in Singapore (excluding, in the case of a dividend, tax paid in respect of the profits out of which the dividend is paid) shall be allowed as a credit against New Zealand tax payable in respect of that income. However, where a company which is a New Zealand resident beneficially owns at least 10% of the paid-up share capital in a company which is a Singapore resident, any dividend derived by the first-mentioned company from the second- mentioned company (being dividends which, in accordance with the taxation law of New Zealand in existence at the date of signature of this Agreement, would be exempt from New Zealand tax) shall be exempt from New Zealand tax and shall not be taken into account for the purpose of determining the rate of New Zealand tax payable in respect of any other income derived by that first-mentioned company.
3. For the purposes of paragraph 1 2 of this Article, a New Zealand resident deriving income from sources in Singapore consisting of −-
(a) profits, being profits in respect of which an exemption from Singapore tax has been granted under the provisions of the Economic Expansion Incentives (Relief from Income Tax) Act, (Chapter 86135) of Singapore; or
(b) interest or royalties, being interest or royalties in respect of which an exemption from or reduction of Singapore tax has been granted under the provisions of the said Economic Expansion Incentives (Relief from Income Tax) Act, (Chapter 86135) − - shall be deemed to have paid Singapore tax in an amount or, as the case may be, the Singapore tax paid shall be deemed to have been increased by an amount equal to the amount by which the Singapore tax that otherwise would have been payable under the law of Singapore and in accordance with this Agreement in respect of those profits or, as the case may be, that interest or those royalties is reduced by the exemption or reduction granted.
4. Every reference in paragraph 3 of this Article to the Economic Expansion Incentives (Relief from Income Tax) Act, (Chapter 86135) shall be deemed to include a reference to any other law which is imposed in Singapore after the date of signature of this Agreement in modification of, or in addition to, or in substitution for, that Act and which is agreed, in an Exchange of Letters between the Contracting States, to be of a substantially similar character to the provisions of that Act as in force at the date of signature of this Agreement.
5. Notwithstanding paragraph 3, a New Zealand resident deriving income from Singapore, being income referred to in that paragraph, shall not be deemed to have paid Singapore tax in respect of such income where the competent authority of New Zealand considers, after consultation with the competent authority of Singapore, that it is inappropriate to do so having regard to:
(a) whether any prearrangements have been entered into by any person for the purpose of taking advantage of paragraph 3 for the benefit of that person or any other person;
(b) whether any benefit accrues or may accrue to a person who is neither a New Zealand resident nor a Singapore resident;
(c) the prevention of fraud or the avoidance of the taxes to which the Agreement applies;
(d) any other matter which the competent authorities consider relevant in the particular circumstances of the case including any submissions from the New Zealand resident concerned.
6. The provisions of paragraph 3 shall apply for the first 10 years for which the Agreement is effective.
Appears in 2 contracts
Samples: Double Taxation Avoidance Agreement, Double Taxation Agreement
ELIMINATION OF DOUBLE TAXATION. 1. (a) Subject to any the provisions of the laws law of New Zealand which may from time to time be in force which relate to the United Kingdom regarding the allowance of as a credit against New Zealand United Kingdom tax of tax paid payable in a country territory outside New Zealand the United Kingdom (which shall not affect the general principle hereof) and subject to sub-paragraph (b) of this Article)paragraph, Singapore tax paid payable under the laws of Singapore and consistent in accordance with this Agreement, whether directly or by deduction, in respect of on profits, income derived or chargeable gains from sources within Singapore shall be allowed as a credit against any United Kingdom tax computed by reference to the same profits, income or chargeable gains by reference to which the Singapore tax is computed.
(b) Where such income is a dividend paid by a company which is a resident of New Zealand from sources in Singapore (excluding, in the case of a dividend, credit shall only take into account such tax paid in respect of thereof as is additional to any tax payable by the company on the profits out of which the dividend is paidpaid and is ultimately borne by the recipient without reference to any tax so payable. Where, however, the dividend is paid to a company which is a resident of the United Kingdom and which controls directly or indirectly at least 10 per cent of the voting power in the company paying the dividend, the credit shall take into account (in addition to any Singapore tax appropriate to the dividend) shall be allowed as a credit against New Zealand the Singapore tax payable in respect of that incomeits profits by the company paying the dividend.
2. (a) Subject to any the provisions of the laws law of Singapore which may from time to time be in force and which relate to regarding the allowance of as a credit against Singapore tax of tax paid payable in a any country outside other than Singapore and sub- paragraph (which shall not affect the general principles hereof)b) of this paragraph, New Zealand United Kingdom tax paid payable under the law laws of New Zealand the United Kingdom and in accordance with this Agreement, whether directly or by deduction, in respect of income derived by a Singapore resident from sources in New Zealand within the United Kingdom (excluding, excluding in the case of a dividend, tax paid payable in respect of the profits out of which the dividend is paid) ), shall be allowed as a credit against Singapore tax payable in respect of that income. However, where .
(b) Where such income is a dividend paid by a company which is a New Zealand resident of the United Kingdom, the credit shall take into account only United Kingdom tax chargeable specifically on the dividend other than the tax chargeable in respect of the profits or income of the company. Where, however, the dividend is paid to a company which is a resident of Singapore resident and which beneficially owns at least 10% holds directly or indirectly not less than 10 per cent of the paid-up share capital in the first-mentioned company United Kingdom company, the credit shall take into account (in addition to any New Zealand United Kingdom income tax chargeable specifically on dividendsthe dividend) the New Zealand United Kingdom tax paid by the first-mentioned company payable in respect of its profitsprofits out of which the dividend is paid.
3. For the purposes of paragraphs 1 and 2 of this Article, profits, income and capital gains owned by a resident of a Contracting State which may be taxed in the other Contracting State in accordance with this Agreement shall be deemed to arise from sources in that other Contracting State.
4. Subject to paragraph 5 of this Article, for the purpose of paragraph 1 of this Article, a New Zealand resident deriving Article the term "Singapore tax payable" shall be deemed to include any amount which would have been payable as Singapore tax in respect of profits or income from sources in for any year but for an exemption or reduction of tax granted for that year or any part thereof under any of the following provisions of Singapore consisting of −law:
(a) profitsParts II, being profits in respect of which an exemption from Singapore tax has been granted under the provisions III, IV, V and VI of the Economic Expansion Incentives (Relief from Income Tax) Act, Act (Chapter 861970 Edition) of Singapore; orSingapore so far as they were in force on and were not modified after 21st July 1975 (being the date of signature of the Protocol amending the 1966 Agreement), or were modified only in minor respects so as not to affect their general character;
(b) interest or royaltiesParts II, being interest or royalties in respect of which an exemption from or reduction of Singapore tax has been granted under the provisions IV, VI, VIII, IX and X of the said Economic Expansion Expansions Incentives (Relief from Income Tax) Act, Act (Chapter 861994 Edition) − shall be deemed to have paid Singapore tax in an amount or, as the case may be, the Singapore tax paid shall be deemed to have been increased by an amount equal to the amount by which the Singapore tax that otherwise would have been payable under the law of Singapore (hereinafter referred to as "the Act"), so far as they were in force on, and in accordance with this Agreement in respect of those profits or, as the case may be, that interest or those royalties is reduced by the exemption or reduction granted.
4. Every reference in paragraph 3 to the Economic Expansion Incentives (Relief from Income Tax) Act, (Chapter 86) shall be deemed to include a reference to any other law which is imposed in Singapore after have not been modified since the date of signature of this Agreement in modification ofAgreement, or have been modified only in addition to, minor respects so as not to affect their general character; or
(c) any other provision which may subsequently be made granting an exemption or in substitution for, that Act and reduction of tax which is agreed, in an Exchange agreed by the competent authorities of Letters between the Contracting States, States to be of a substantially similar character to the provisions listed in sub-paragraph (b) of this paragraph, if it has not been modified thereafter or has been modified only in minor respect so as not to affect its general character. Provided that where the relief is a relief accorded:
(i) under Part VI of the Act or an earlier substantially similar provision, or any other provision agreed as in force at of a substantially similar character to Part VI, it shall be taken into account for the purposes of this paragraph only if the enterprise qualifying for the relief could have been declared to be a "pioneer enterprise" under Part II of the Act or an earlier substantially similar provision or an "expanding enterprise" under Part IV of the Act or an earlier substantially similar provision;
(ii) under Part VIII of the Act or an earlier substantially similar provision, or any other provision agreed as of a substantially similar character to Part VIII, it shall be taken into account for the purposes of this paragraph only if the exemption or reduction of tax has been granted under Part VIII or an earlier substantially similar provision before the date of signature of this Agreement.;
5. Notwithstanding (iii) under Part IX of the Act or an earlier substantially similar provision, or any other provision agreed as of a substantially similar character to Part IX, it shall be taken into account for the purposes of this paragraph 3, a New Zealand resident deriving income from Singapore, being income referred to in that paragraph, shall not be deemed to have paid Singapore tax only if the relief claimed is in respect of such income where the competent authority of New Zealand considersapproved royalties and, after consultation with the competent authority of Singapore, that it is inappropriate to do so having regard to:
(a) whether any prearrangements have been entered into by any person for the purpose of taking advantage this sub- paragraph, the term “royalties” does not include sums described in paragraph 4 of paragraph 3 for Article 12 of this Agreement;
(iv) under Part X of the benefit of that person Act, or any other person;
(b) whether any benefit accrues or may accrue provision agreed as of a substantially similar character to a person who is neither a New Zealand resident nor a Singapore resident;
(c) the prevention of fraud or the avoidance of the taxes to which the Agreement applies;
(d) any other matter which the competent authorities consider relevant in the particular circumstances of the case including any submissions from the New Zealand resident concerned.
6. The provisions of paragraph 3 Part X, it shall apply be taken into account for the first 10 years for which the Agreement is effective.purposes of this paragraph only if:
Appears in 2 contracts
Samples: Double Taxation Agreement, Double Taxation Agreement
ELIMINATION OF DOUBLE TAXATION. 1. (a) Subject to any the provisions of the laws law of New Zealand which may from time to time be in force which relate relating to the allowance of as a credit against New Zealand tax of tax paid in a any country outside other than New Zealand (which shall not affect the general principle of this Articlehereof), Singapore Irish tax computed by reference to income from sources in Ireland and paid under the laws law of Singapore Ireland and consistent in accordance with this AgreementConvention, whether directly or by deduction, in respect of income derived by a resident of New Zealand from sources in Singapore Ireland (excluding, in the case of a dividend, tax paid in respect of the profits out of which the dividend is paid) ), shall be allowed as a credit against the New Zealand tax computed by reference to the same income and payable in respect of that income.
(b) In the event that the Government of New Zealand should impose tax on dividends received by companies which are resident in New Zealand the Contracting States will enter into negotiations in order to establish new provisions concerning the taxation of such dividends derived from sources in Ireland.
2. Subject to any the provisions of the laws law of Singapore which may from time to time be in force and which relate to Ireland regarding the allowance of as a credit against Singapore Irish tax of tax paid payable in a country territory outside Singapore Ireland (which shall not affect the general principles principle hereof), ):
(a) New Zealand tax paid payable under the law of New Zealand and in accordance with this AgreementConvention, whether directly or by deduction, in respect of on profits, income or chargeable gains derived by a Singapore resident from sources in within New Zealand (excluding, in the case of a dividend, tax paid payable in respect of the profits out of which the dividend is paid) shall be allowed as a credit against Singapore any Irish tax payable computed by reference to the same profits, income or chargeable gains by reference to which New Zealand tax is computed;
(b) in respect the case of that income. However, where such income is a dividend paid by a company which is a resident of New Zealand resident to a company which is a Singapore resident of Ireland and which beneficially owns at least 10% controls directly or indirectly 10 percent or more of the paid-up share capital voting power in the first-mentioned company paying the dividend, the credit shall take into account (in addition to any New Zealand tax on dividendsfor which credit may be allowed under the provisions of sub paragraph (a) the of this paragraph) New Zealand tax paid payable by the first-mentioned company in respect of its profitsthe profits out of which such dividend is paid.
3. For the purposes of paragraph paragraphs 1 and 2 of this Article, a New Zealand resident deriving income from sources in Singapore consisting of −
(a) profits, being profits income and capital gains derived by a resident of a Contracting State which may be taxed in respect of which an exemption from Singapore tax has been granted under the provisions of the Economic Expansion Incentives (Relief from Income Tax) Act, (Chapter 86) of Singapore; or
(b) interest or royalties, being interest or royalties other Contracting State in respect of which an exemption from or reduction of Singapore tax has been granted under the provisions of the said Economic Expansion Incentives (Relief from Income Tax) Act, (Chapter 86) − accordance with this Convention shall be deemed to have paid Singapore tax in an amount or, as the case may be, the Singapore tax paid shall be deemed to have been increased by an amount equal to the amount by which the Singapore tax that otherwise would have been payable under the law of Singapore and in accordance with this Agreement in respect of those profits or, as the case may be, that interest or those royalties is reduced by the exemption or reduction granted.
4. Every reference in paragraph 3 to the Economic Expansion Incentives (Relief derived from Income Tax) Act, (Chapter 86) shall be deemed to include a reference to any other law which is imposed in Singapore after the date of signature of this Agreement in modification of, or in addition to, or in substitution for, that Act and which is agreed, in an Exchange of Letters between the Contracting States, to be of a substantially similar character to the provisions of that Act as in force at the date of signature of this Agreement.
5. Notwithstanding paragraph 3, a New Zealand resident deriving income from Singapore, being income referred to sources in that paragraph, shall not be deemed to have paid Singapore tax in respect of such income where the competent authority of New Zealand considers, after consultation with the competent authority of Singapore, that it is inappropriate to do so having regard to:
(a) whether any prearrangements have been entered into by any person for the purpose of taking advantage of paragraph 3 for the benefit of that person or any other person;
(b) whether any benefit accrues or may accrue to a person who is neither a New Zealand resident nor a Singapore resident;
(c) the prevention of fraud or the avoidance of the taxes to which the Agreement applies;
(d) any other matter which the competent authorities consider relevant in the particular circumstances of the case including any submissions from the New Zealand resident concernedState.
6. The provisions of paragraph 3 shall apply for the first 10 years for which the Agreement is effective.
Appears in 1 contract
ELIMINATION OF DOUBLE TAXATION. 1. Subject to any provisions of the laws of New Zealand which may from time to time be in force which relate to the allowance of a credit against New Zealand tax of tax paid in a country outside New Zealand (which shall not affect the general principle of this Article), Singapore tax paid under the laws of Singapore and consistent with this Agreement, whether directly or by deduction, in respect of income derived by a resident of New Zealand from sources in Singapore (excluding, in the case of a dividend, tax paid in respect of the profits out of which the dividend is paid) shall be allowed as a credit against New Zealand tax payable in respect of that income.
2. Subject to any provisions of the laws of Singapore which may from time to time be in force and which relate to the allowance of a credit against Singapore tax of tax paid in a country outside Singapore (which shall not affect the general principles hereof), New Zealand tax paid under the law of New Zealand and in accordance with this Agreement, whether directly or by deduction, in respect of income derived by a Singapore resident from sources in New Zealand (excluding, in the case of a dividend, tax paid in respect of profits out of which the dividend is paid) shall be allowed as a credit against Singapore tax payable in respect of that income. However, where such income is a dividend paid by a company which is a New Zealand resident to a company which is a Singapore resident and which beneficially owns at least 10% of the paid-up share capital in the first-mentioned company the credit shall take into account (in addition to any New Zealand tax on dividends) the New Zealand tax paid by the first-mentioned company in respect of its profits.
3. For the purposes of paragraph 1 of this Article, a New Zealand resident deriving income from sources in Singapore consisting of −
(a) profits, being profits in respect of which an exemption from Singapore tax has been granted under the provisions of the Economic Expansion Incentives (Relief from Income Tax) Act, (Chapter 86) of Singapore; or
(b) interest or royalties, being interest or royalties in respect of which an exemption from or reduction of Singapore tax has been granted under the provisions of the said Economic Expansion Incentives (Relief from Income Tax) Act, (Chapter 86) − shall be deemed to have paid Singapore tax in an amount or, as the case may be, the Singapore tax paid shall be deemed to have been increased by an amount equal to the amount by which the Singapore tax that otherwise would have been payable under the law of Singapore and in accordance with this Agreement in respect of those profits or, as the case may be, that interest or those royalties is reduced by the exemption or reduction granted.
4. Every reference in paragraph 3 to the Economic Expansion Incentives (Relief from Income Tax) Act, (Chapter 86) shall be deemed to include a reference to any other law which is imposed in Singapore after the date of signature of this Agreement in modification of, or in addition to, or in substitution for, that Act and which is agreed, in an Exchange of Letters between the Contracting States, to be of a substantially similar character to the provisions of that Act as in force at the date of signature of this Agreement.
5. Notwithstanding paragraph 3, a New Zealand resident deriving income from Singapore, being income referred to in that paragraph, shall not be deemed to have paid Singapore tax in respect of such income where the competent authority of New Zealand considers, after consultation with the competent authority of Singapore, that it is inappropriate to do so having regard to:
(a) whether any prearrangements have been entered into by any person for the purpose of taking advantage of paragraph 3 for the benefit of that person or any other person;
(b) whether any benefit accrues or may accrue to a person who is neither a New Zealand resident nor a Singapore resident;
(c) the prevention of fraud or the avoidance of the taxes to which the Agreement applies;
(d) any other matter which the competent authorities consider relevant in the particular circumstances of the case including any submissions from the New Zealand resident concerned.
6. The provisions of paragraph 3 shall apply for the first 10 years for which the Agreement is effective.
Appears in 1 contract
