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1. On November 2, 2023, the Republic of Singapore and the Kingdom of Cambodia signed a Second Protocol to amend the Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income (DTA).
2. The signing occurred in Cambodia, involving Dr. Aun Pornmoniroth, Deputy Prime Minister and Minister of Economy and Finance for Cambodia, and Ms. Teo Lay Cheng, Singapore’s Ambassador to the Kingdom of Cambodia.
3. The Second Protocol brings modifications to the preamble of the DTA and introduces a new Article 28 (Entitlement of Benefits) to align with internationally recognized Base Erosion Profit Shifting standards aimed at addressing treaty abuse, along with various other technical amendments.
4. The complete text of the Second Protocol can be accessed on the website of the Inland Revenue Authority of Singapore, available here. The Second Protocol will come into effect following its ratification by both participating countries.

If your company needs help filing taxes for the year 2023, or requires assistance with Singapore incorporation, economy, banking, etc., feel free to call/WhatsApp us at +65 90612851 or email us at aceglobalacct@gmail.com. Alternatively, you may leave us a reply using our contact form below.

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