On 9 July 2014, an income tax treaty between Singapore and Seychelles was signed. The treaty is the first of its kind between the two countries.
The treaty covers Singapore income tax, and Seychelles business tax, income and non-monetary benefits tax, and petroleum tax.
The treaty includes the provision that a permanent establishment will be deemed constituted when an enterprise of one Contracting State furnishes services in the other State through employees or other engaged personnel for the same or connected project for a period or periods aggregating more than 365 days in any 15 month period.
Both countries apply the credit method for the elimination of double taxation.
The treaty will enter into force once the ratification instruments are exchanged, and will apply from 1 January of the year following its entry into force.
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