Hanoi (VNA) – Singapore and the Republic of Korea (RoK) signed a revised double taxation avoidance pact on May 13, said the RoK’s Ministry of Economy and Finance.

The agreement was inked by RoK Ambassador to Singapore Ahn Young-jip and Ng Wai Choong, commissioner of inland revenue and chief executive of the Inland Revenue Authority of Singapore.

The RoK side said the revised pact is meant to address the changes made after their previous agreement went into effect in 1981, adding that the revised pact could ease tax burdens facing RoK firms doing business in Singapore.

It will go into effect after being ratified by the legislatures in the RoK and Singapore.

In July 2018, RoK President Moon Jae-in paid a three-day visit to Singapore, which was the first state visit by a RoK President to the Southeast Asian nation in 15 years. During the visit, he and Singaporean Prime Minister Lee Hsien Loong agreed to bolster bilateral cooperation in the fields of economy and diplomacy, as well as promote free trade and peace in the region.

The RoK President also underlined that bilateral economic cooperation has thrived following the free trade agreement (FTA) inked in 2005, the first FTA that the RoK signed with an Asian nation.

He also called on both nations to further expand cooperation in various spheres of artificial intelligence, big data processing, financial technology, biology, and pharmaceutical industry, among others, through joint research projects as well as technology and experience sharing events. –VNA