Switzerland and Singapore have initialled the extensively revised existing bilateral double taxation agreement in place between the two countries, extending administrative assistance in tax matters in accordance with the Organization for Economic Co-operation and Development’s standard, reports Tax-News.

The Swiss Federal Administration has stated the agreement contains various provisions that are beneficial to the Swiss economy such as reductions in withholding tax on dividends, interest and royalty payments, or the introduction of an arbitration clause. Furthermore, tax discrimination has been avoided or eliminated.

The details of the revised agreement with Singapore will remain confidential at first, after which they will be disclosed to the Swiss cantons and relevant business associations. The agreement will then be signed and subsequently presented to the Swiss parliament for approval. Following ratification on both sides the agreement will enter into force.

Over the last few months Switzerland has signed a slew of revised DTAs, most recently having initialled revisions with Kazakhastan, Sweden, Japan, Georgia amongst others.