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Singapore and South Korea Enhance Tax Cooperation

24 May 2010

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1         Singapore and South Korea signed a protocol to incorporate the new internationally agreed Standard for the exchange of information for tax purposes upon request in their standing Agreement for the Avoidance of Double Taxation ("DTA") on 24 May 2010.

2         The protocol was signed in Singapore by Mr. Peter Ong, Permanent Secretary (Finance), and His Excellency Mr. Oh Joon, South Korea’s Ambassador to Singapore.

3         The full text of the protocol will be made available on the Inland Revenue Authority of Singapore's (IRAS) website at http://www.iras.gov.sg. The protocol will enter into force after its ratification by both countries.

MINISTRY OF FINANCE
24 MAY 2010

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