South Korea and Singapore sign revised double taxation avoidance pact
The agreement was inked by South Korean ambassador to Singapore Ahn Young-jip and Ng Wai Choong, commissioner of inland revenue and chief executive of the Inland Revenue Authority of Singapore, in Singapore, according to the Ministry of Economy and Finance.
The revised pact is meant to address changes made after their previous agreement went into effect in 1981.
South Korea said the revised pact could ease tax burdens facing South Korean firms doing business on the city state.
The revised pact will go into effect after being ratified by the legislatures in South Korea and Singapore. ■