On 10 December 2019, South Korea’s National Assembly has approved multilateral convention to implement tax treaty related measures to prevent Base Erosion and Profit Shifting (MLI). After the ratification process, South Korea will need to deposit its ratification instrument to bring the Multilateral Instrument (MLI) into force for its covered double taxation avoidance agreements.
The MLI will generally enter into force for a particular covered agreement on the first day of the month following a three-month period after both parties to the covered agreement have deposited their ratification instrument.
