On 13 February 2025, Brazil's Chamber of Deputies (lower house of the National Congress) approved the ratification of the pending protocol to the 2018 income tax treaty with Singapore. The protocol, signed 17 April 2023, is the first to amend the treaty. It replaces paragraph 4 of Article 11 (Interest), revising the withholding tax exemption in respect of interest arising in a Contracting State that is beneficially owned by the Government of the other Contracting State, one of its political subdivisions, or any agency (including a financial institution) wholly owned by that Government or political subdivision. It also amends paragraph...