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Brazil, Singapore ink double taxation avoidance deal

Brazil and Singapore have signed a double taxation avoidance agreement and are considering the possibility of signing a free trade agreement (FTA) between Singapore and Mercosur.
Brazil, Singapore ink double taxation avoidance deal ảnh 1Singaporean Minister of Foreign Affairs Vivian Balakrishnan (R) and Brazilian counterpart Aloysio Nunes Ferreira after the signing of the Avoidance of Double Taxation Agreement on May 7, 2018 (Source: www.straitstimes.com)

Buenos Aires (VNA) – Brazil and Singaporehave signed a double taxation avoidance agreement and are considering thepossibility of signing a free trade agreement (FTA) between Singapore andMercosur, the South America trade bloc.

According to a statement released by the BrazilianMinistry of Foreign Affairs on May 8, the agreement was inked by SingaporeanMinister of Foreign Affairs Vivian Balakrishnan and his Brazilian counterpartAloysio Nunes Ferreira.

The deal aims to prevent tax evasion andtaxes paid twice on the same source of income of people staying in the twocountries as well as foster bilateral investment.

In a meeting held in Singapore, the foreignministers underlined the development of bilateral trade cooperation in recentyears. They also discussed approach between Mercosur, comprising Brazil,Argentina, Paraguay and Uruguay, and the Association of Southeast Asian Nations(ASEAN).

Singapore is currently the fourth largestinvestor in Brazil with more than 1.4 billion USD in 2015. The Asian countrymainly invested in airport management, shipbuilding, oil and gas,infrastructure, agriculture and transport in the leading economy of LatinAmerica.

Meanwhile, Brazil is a main supplier of frozenpoultry, beef and pork for Singapore. It recorded a trade surplus of 2 billionUSD with Singapore in 2017 thanks to its exports of products with high-addedvalue such as crude oil.

The statement also revealed that the firstround of FTA negotiations between Singapore and Mercosur is scheduled to beginin the third quarter of 2018.-VNA

VNA
#Brazil-Singapore relations#double taxation avoidance agreement#free trade agreement#Mercosur#trade cooperation#FTA negotiations#vietnamplus#Vietnam News Agency
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