Singapore-Australia avoidance of double taxation agreement

The following statement was issued by the Singapore Government on 22 May 1975:

Singapore and Australia have agreed to extend for another five years the operation of Article 18 (3) of the Singapore Australia Avoidance of Double Taxation Agreement signed in 1969. Under this section, whose operation expired in June last year, Australia will allow tax sparing credits on income derived from interest and royalties which is exempted or is subject to tax at reduced rates under the Singapore incentive laws. With the extension of this section, Australian companies interested in manufacturing in Singapore will therefore continue to enjoy a favourable investment climate in the Republic as the tax concessions on the interest and royalty payments which they received from Singapore will be retained by them and will not be reduced by an Australian tax imposed on that income.