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Indonesia, Singapore reaffirm economic, people-to-people relations
Indonesia and Singapore announced, among others, the signing of the updated double tax avoidance agreement between the two countries, which concludes the negotiation that has started since 2015.
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President Joko “Jokowi” Widodo (left) and Singaporean President Halimah Yacob (right) standing next to each other at the Bogor Palace in West Java on Tuesday. (Presidential Palace Press Bureau/Laily Rachev)
J
akarta and Singapore reaffirmed on Tuesday their commitment to strengthening cooperation in a wide array of issues, including economic and people-to-people ties, as Singaporean President Halimah Yacob embarked on her first official visit to Indonesia this week.
President Joko “Jokowi” Widodo welcomed Halimah at the Bogor Palace in West Java on Tuesday, during which the two engaged in a bilateral meeting to discuss issues surrounding cooperation between the two Southeast Asian nations.
In a joint statement after the bilateral talks, Indonesia and Singapore announced the signing of the updated double tax avoidance (DTA) agreement between the two countries, which concludes negotiations that started in 2015.
“I was pleased to witness the signing of the updated avoidance of double taxation agreement between Singapore and Indonesia,” Halimah said at the palace on Tuesday.
“The updated DTA sends a strong signal that the two countries are committed to strengthening economic cooperation amid the challenging global economic situation.”
Halimah went on to explain that the DTA agreement, which will update the existing agreement between the two neighboring countries that came into force in 1992, will lower withholding tax rates for royalties and branch profits, among other points.
She added that the Singaporean government looked forward to the swift ratification and entry into force of the updated DTA agreement as well as the bilateral investment treaty that was signed by the two countries in 2018, both of which she believed would benefit Singapore and Indonesia’s bilateral investment and trade.
