On the sidelines of the United Nations General Assembly (UNGA), Kenya has taken a significant step in enhancing its economic relations with Singapore.
Prime Cabinet Secretary Musalia Mudavadi announced the signing of an agreement for the Elimination of Double Taxation on Income and the Prevention of Tax Evasion and Avoidance (DTA) with his Singaporean counterpart, Dr. Vivian Balakrishnan.
“This progressive accord, which supersedes the 2018 agreement, marks a crucial advancement in our bilateral economic relations,” Mudavadi stated.
He emphasized that the DTA provides clarity on the taxation of cross-border income and establishes a robust framework aimed at preventing the double taxation of businesses and individuals involved in transnational activities.
According to Mudavadi, the agreement is expected to significantly reduce barriers to cross-border investments, fostering greater trade and economic cooperation between Kenya and Singapore.
He noted, “Following ratification by both countries, we anticipate this DTA to bolster mutual growth and deepen the economic partnership between our nations.”
This agreement is seen as a pivotal move in promoting an environment conducive to investment, enhancing the ease of doing business, and encouraging economic collaboration between the two nations.
