South Korea's top tax official and his Indian counterpart agreed to avoid double taxation between the two countries, the government said Wednesday.
National Tax Service chief Lim Hwan-soo and India's Revenue Secretary Hasmukh Adhia also agreed to create stable tax conditions for investments during their meeting in Seoul, according to the NTS.
The bilateral double taxation avoidance pact was reached in September last year, creating a mutual foundation to address double taxation issues facing South Korean firms doing business on the subcontinent.
India is home to more than 860 South Korean companies.
Trade volume between South Korea and India reached $15.7 billion in 2016, down from $18.8 billion in 2012, according to the NTS. (Yonhap)