Albania and Singapore sign double tax treaty.

The article reports on the double tax treaty signed by Albania and Singapore on November 23, 2010. Under the treaty, a building site, construction project or supervising of such projects for more than 12 months is considered a permanent establishment (PE) in Albania and Singapore. The treaty also includes the provision of service for an aggregate period of more than 183 days in any 12 month period corresponding to the fiscal year concerned. A withholding tax rate not exceeding five percent is imposed on dividends paid from one country to a beneficial owner who is a resident of the second country, while tax exemptions are granted for dividends paid by a company to the government in Singapore or the Council of Ministers in Albania.