South Korea and Singapore have agreed to further cooperate on the prevention of double taxation. 

Seoul’s Economy and Finance Ministry said South Korean Ambassador to Singapore Ahn Young-jip and Singapore’s Inland Revenue Commissioner Ng Wai Choong signed on Monday a revision to the convention between the two countries for the avoidance of double taxation. 

Under the new deal, South Korean construction companies will not be taxed by Singaporean authorities if their business activities in Singapore span less than a year. Previously, such an exemption was made when their business projects in the Southeast Asian country was shorter than six months.