Singapore Publishes MLI Modifications to Tax Treaty With Mongolia www.taxnotes.com
The Singapore government on December 30, 2024, published guidance specifying the modifications made by the OECD base erosion and profit-shifting multilateral instrument to the 2002 Mongolia-Singapore income tax treaty.
Singapore signed the MLI on June 7, 2017, when it was opened for signature, while Mongolia signed the MLI on October 6, 2022. Singapore deposited its ratification instrument for the MLI on December 21, 2018, while Mongolia deposited its on September 30, 2024.
The MLI entered into force April 1, 2019, for Singapore and January 1, 2025, for Mongolia. The guidance specifies that the preamble is replaced and an article on the prevention of treaty abuse is added.
The guidance states that the MLI has effect regarding the Mongolia-Singapore tax treaty, in Singapore, as follows:
for taxes withheld at source, on amounts paid, deemed paid, or liable to be paid (whichever is the earliest) on or after January 1, 2025; and
for taxes other than those withheld at source, when the income is derived or received in a basis period beginning on or after July 1, 2025.
Published Date:2025-01-05