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Note: This Treaty may be impacted by the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS (MLI). MLI impact on Tax Treaties is available with the Orbitax International Tax Research & Compliance Expert.

ARTICLE 22

Elimination of Double Taxation

(1) It is agreed that double taxation shall be avoided in accordance with the following paragraphs of this Article.

(2) In Singapore, double taxation shall be avoided as follows:

  • Where a resident of Singapore derives income from San Marino which, in accordance with the provisions of this Agreement, may be taxed in San Marino, Singapore shall, subject to its laws regarding the allowance as a credit against Singapore tax of tax payable in any country other than Singapore, allow the San Marino tax paid, whether directly or by deduction, as a credit against the Singapore tax payable on the income of that resident. Where such income is a dividend paid by a company which is a resident of San Marino to a resident of Singapore which is a company owning directly or indirectly not less than 10 percent of the share capital of the first-mentioned company, the credit shall take into account the San Marino tax paid by that company on the portion of its profits out of which the dividend is paid.

(3) In San Marino, double taxation shall be avoided as follows:

  • Where a resident of San Marino owns items of income which are taxable in Singapore, San Marino, in determining its taxes on income specified in Article 2 of this Agreement, may include in the basis upon which such taxes are imposed the said items of income, unless specific provisions of this Agreement otherwise provide. In such case, San Marino shall deduct from the taxes so calculated the tax on income paid in Singapore, but in an amount not exceeding that proportion of the aforesaid San Marino tax which such items of income bear to the entire income. However, no deduction will be granted if the item of income is subjected in San Marino to a final withholding tax and/or to a substitute tax by request of the recipient of the said income in accordance with the San Marino law.