The signing was witnessed by Singapore Prime Minister Lee Hsien Loong and his Polish counterpart Prime Minister Donald Tusk.
The agreement serves to relieve the double taxation of income earned in one country by a resident of the other country.
Mr Tusk was in Singapore on an official two-day visit at the invitation of Mr Lee.
With the latest revised DTA, Singapore company registration specialist (http://enterprisebizpal.com/
Currently, Singapore has 69 comprehensive DTAs and seven limited DTAs in force. The main objective of these DTAs is to minimize tax barriers to the flows of trade, investment, technical know-how and expertise between two treaty countries.
The Singapore government has initiated several business-friendly tax policies to
further its claim as the location of choice for MNCs to start a Singapore company and launch their operations in the Asia Pacific. “These include attractive corporate tax and personal income tax rates, ease of setting up and doing businesses, extensive network of free trade agreements, absence of capital gains tax, and lower lending rates offered by banks in Singapore.
The Singapore corporate tax rate is approximately 8.5% for profits up to S$300,000 and a flat 17% for profits above that level. Additionally, a new private limited company with less than 20 shareholders enjoys zero tax on the first S$100,000 of taxable income for each of the first three years of assessment.
In addition, Singapore offers every business that opts for Singapore company setup an automatic 400% tax deduction or option for a 60% cash payout each year for investments made via the Productivity and Innovation Credit (PIC) scheme.