Remarks by Mr Raymond Lim, Minister, PMO, Second Minister for Foreign Affairs and Second Minister for Finance for the Signing Ceremony of The Avoidance of Double Taxation Agreement

Remarks by Mr Raymond Lim, Minister, Prime Minister's Office, Second Minister for Foreign Affairs and Second Minister for Finance for the Signing Ceremony of The Avoidance of Double Taxation Agreement between Singapore and Fiji on 20 December 2005

Your Excellency The Hon Kaliopate Tavola

Distinguished Guests

Ladies and Gentlemen

I am delighted to welcome Your Excellency and our distinguished guests from Fiji to the Ministry of Foreign Affairs. We are honoured to have all of you with us today for the signing of the Avoidance of Double Taxation Agreement between the Republic of the Fiji Islands and the Republic of Singapore.

Since the establishment of diplomatic relations in 1971, Fiji and Singapore have enjoyed warm and friendly ties. Our leaders have been meeting at regular intervals, especially on the sidelines of major international conferences such as the United Nations General Assembly and the Commonwealth Heads of Government Meeting.

No doubt, Fiji and Singapore have different histories. We have also taken different paths of development. But as small, multi-racial and resource-poor island states, there are many challenges that we have in common.

Over the years, we have been able to share and learn from each other's experiences within multilateral framework such as the UN, the Commonwealth and the Alliance of Small Island States (AOSIS). This experience sharing has also been achieved more directly through the participation of Fiji nationals in courses and activities held under the auspices of the Singapore Cooperation Programme (SCP). I am happy to note that since 1993, more than 400 Fijians have participated in SCP training programmes in diverse areas that range from public administration and banking and finance, to port management and IT, to name a few. We hope to continue our bilateral technical co-operation with Fiji under the SCP.

The signing of the Singapore-Fiji Avoidance of Double Taxation Agreement today is an important milestone in our relationship. It will contribute to the strengthening of the economic dimension of our relations. When the Agreement enters into force, businessmen need not worry about tax issues when they seek out investment opportunities in each other's country. The Agreement makes clear the taxing rights of Fiji and Singapore on all forms of income arising from cross-border activities. As each country will recognise taxes paid by its residents to the other country, double taxation will be eliminated.

It is my hope that the Agreement will pave the way for further bilateral trade and investment, and enhance the two-way flow of technology, talent and expertise. This will be for the betterment of both our peoples and countries.

Thank you.