1. Singapore signed an updated Agreement for the Avoidance of Double Taxation (DTA) with the Republic of Korea today.
2. The signing took place in Singapore between Commissioner of Inland Revenue, Ng Wai Choong, and Ambassador of the Republic of Korea to the Republic of Singapore, Anh Young-jip.
3. The updated DTA enhances the cross-border trade and investment between both countries. Amongst other changes, this update lowers the withholding tax rate for royalties and expands the scope of capital gains tax exemption.
4. The full text of the Singapore-Korea DTA is available on the Inland Revenue Authority of Singapore’s website here. The revised DTA will enter into force after ratification by both countries.
MINISTRY OF FINANCE
13 May 2019