1. The updated Avoidance of Double Taxation Agreement (DTA) between Singapore and the Republic of Korea, signed on 13 May 2019, will enter into force on 31 December 2019.

2. 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.

3. The full text of the DTA is available here.

MINISTRY OF FINANCE