Emerging Markets Rates and Currencies Handbook

42 Citi | Emerging Markets Currencies Handbook 2021 Singapore Documentation Requirements Product specific No local law requirements on specific form or type of trade documentation to be used. Trade flows No local law requirements on specific form or type of trade documentation to be used. Capital flows/FDI No local law requirements on specific form or type of trade documentation to be used. Additional Comments Balance sheet and cash flow exposures hedging permissible onshore. Citi Singapore Citibank Global Markets Asia Square Tower 1 8 Marina View, #18-00 Singapore 018960 FX Sales Contact: +65 6657 2882 Item Inter-Co Debt Offshore Bank Loans Offshore Local Borrowing Derivatives Equity W/H Tax 15% WHT • Apply only to non- residents who do not carry on business in Singapore • Under certain tax treaties typically 5-15%, with further reduction possible on country-by-country basis 15% WHT • Apply only to non- residents who do not carry on business in Singapore • Under certain tax treaties typically 5-15%, with further reduction possible on country-by-country basis No WHT N/A No WHT on dividends Certain treaties provide for a maximum WHT on dividends should Singapore impose in the future Deductibility of interests Fully deductible N/A N/A Deductibility of FX losses Foreign exchange losses arising from capital transactions: Non-deductible Foreign exchange losses arising from revenue transactions: Deductible Foreign exchange losses arising from translating the financial statements: Non-deductible Other taxes, duties N/A N/A N/A N/A N/A Comments N/A N/A N/A N/A v Note: Citigroup Inc. and any of its affiliates do not provide accounting, tax, or legal advice. Please seek advice from a relevant licensed advisor. Source: Relevant legislation, publicly available sources. Subsidiary Funding — Tax Consideration Tax Summary — Singapore