Korea tax treaty

Find the tax treaties of Korea with the countries world wide.

The Korean government has entered into and enacted tax treaties with 95 countries as of July, 2024 to prevent tax evasion and promote international economic cooperation. These tax treaties play a crucial role in adjusting taxation rights between Korea and the respective countries, preventing double taxation, and curbing tax evasion.

The tax treaties consist of the following key elements:

Allocation of Taxation Rights: Clearly defines how the rights to tax income are divided between South Korea and the treaty partner countries.
Prevention of Double Taxation: Includes provisions to prevent the same income from being taxed twice by both countries.
Mutual Agreement Procedure: Provides a procedure for resolving disputes related to taxation.
Exchange of Information: Establishes the basis for the exchange of taxpayer information between the two countries to prevent tax evasion.

The tax treaties signed by Korea have the legal effect equivalent to domestic laws, allowing taxpayers from both countries to engage in international economic activities more securely. The content of these tax treaties varies by country, and for the latest information, you should refer to the official materials from the Ministry of the Foreign Affairs or related government agencies.

If you need professional consultation or advice regarding tax treaties, please contact Forvis Mazars in Korea.