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Payments under interest rate swap agreements do not constitute interest for purposes of withholding tax

  • DLA Cliffe Dekker Hofmeyr
  • -
  • Singapore
  • -
  • February 11 2011

An interesting decision was given by the Singapore High Court in ACC v Comptroller of Income Tax 2010 SGHC 316 recently dealing with the question whether payments made under an interest rate swap agreement could constitute interest and thus be subject to withholding tax in terms of the relevant Treaty