Follow Singapore Investment Immigration and Singapore Economic news: On December 22, Singapore and Brazil signed an agreement to avoid double taxation on international air and shipping profits between the two countries.
The Ministry of Foreign Affairs of Singapore stated in a press release yesterday that the two countries signed this agreement to avoid double taxation in the Brazilian capital, Brasília, the day before yesterday. The agreement takes effect immediately and will consolidate and promote air and shipping connectivity between Singapore and Brazil.
Brazil is one of Singapore's largest trading partners in Latin America. Bilateral trade between the two countries reached 4.16 billion Singapore dollars in 2011 (1 Singapore dollar is approximately 4.8 RMB). The number of Singaporean companies investing in Brazil is also increasing year by year, with business sectors including oil and gas, ports and logistics, electronic information, and communication technology.
