Hanoi (VNA) – Singapore and theRepublic of Korea (RoK) signed a revised double taxation avoidance pact on May13, said the RoK’s Ministry of Economy and Finance.
The agreement was inked by RoK Ambassadorto Singapore Ahn Young-jip and Ng Wai Choong, commissioner of inland revenueand chief executive of the Inland Revenue Authority of Singapore.
The RoK side said the revised pact is meantto address the changes made after their previous agreement went into effect in1981, adding that the revised pact could ease tax burdens facing RoK firms doingbusiness in Singapore.
It will go into effect after being ratifiedby the legislatures in the RoK and Singapore.
In July 2018, RoK President Moon Jae-inpaid a three-day visit to Singapore, which was the first state visit by a RoKPresident to the Southeast Asian nation in 15 years. During the visit, he andSingaporean Prime Minister Lee Hsien Loong agreed to bolster bilateral cooperationin the fields of economy and diplomacy, as well as promote free trade and peacein the region.
The RoK President also underlined that bilateraleconomic cooperation has thrived following the free trade agreement (FTA) inkedin 2005, the first FTA that the RoK signed with an Asian nation.
He also called on both nations to furtherexpand cooperation in various spheres of artificial intelligence, big dataprocessing, financial technology, biology, and pharmaceutical industry, amongothers, through joint research projects as well as technology and experiencesharing events. –VNA
The agreement was inked by RoK Ambassadorto Singapore Ahn Young-jip and Ng Wai Choong, commissioner of inland revenueand chief executive of the Inland Revenue Authority of Singapore.
The RoK side said the revised pact is meantto address the changes made after their previous agreement went into effect in1981, adding that the revised pact could ease tax burdens facing RoK firms doingbusiness in Singapore.
It will go into effect after being ratifiedby the legislatures in the RoK and Singapore.
In July 2018, RoK President Moon Jae-inpaid a three-day visit to Singapore, which was the first state visit by a RoKPresident to the Southeast Asian nation in 15 years. During the visit, he andSingaporean Prime Minister Lee Hsien Loong agreed to bolster bilateral cooperationin the fields of economy and diplomacy, as well as promote free trade and peacein the region.
The RoK President also underlined that bilateraleconomic cooperation has thrived following the free trade agreement (FTA) inkedin 2005, the first FTA that the RoK signed with an Asian nation.
He also called on both nations to furtherexpand cooperation in various spheres of artificial intelligence, big dataprocessing, financial technology, biology, and pharmaceutical industry, amongothers, through joint research projects as well as technology and experiencesharing events. –VNA
VNA
