The UKSFTA entered into force in February 2021. The UKSFTA will accord companies the same key benefits that they have been receiving under the EUSFTA. The key benefits of the UKSFTA include the elimination of customs duties, liberal and flexible Rules of Origins for Singapore’s exports, improved market access to services sectors, enhanced opportunities in government procurement, reduction of technical and non-tariff barriers in key sectors, and the enhanced protection of intellectual property rights.
The Singapore-UK double tax agreement (DTA), first signed in 1997, provides relief from double taxation in the situation where income is subject to tax for both countries. The provisions of the DTA apply to persons who are residents of one or both of the Contracting States.
Please refer to IRAS for more information regarding the agreement between Singapore and United Kingdom for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income.