It was reported in the IRAS’ website on 23 December 2013 that Singapore and Brazil have signed an Agreement for the Avoidance of Double Taxation on profits derived from international air and shipping transport on 20 December 2013.
The Agreement provides for mutual income tax exemption of profits derived from the operation of aircraft and ship in international traffic by air and shipping enterprises of the other country.
This Agreement is effective on 1 January 2014. As at 7 January 2014, Singapore has concluded 8 limited tax agreement with the rest of the world.
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