The Free Trade Agreement (FTA) between Canada and South Korea has been ratified by both countries. This treaty will be effective from 1st January 2015. It contains principles for determining the rules of source and other guidance. The agreement also gives transition rules that may cover goods that were produced, or were in the produced level before the effective date of FTA. From 1st January 2015, the current General Preferential Tariff (GPT) rates will be withdrawn from imported goods into Canada from Korea.
Canada: Exemption of tax for immigrant trusts ends
Related Posts
Korea (Rep.), UAE CEPA to take effect, tariff cuts phased over 10 years
Korea (Rep.) and the UAE will implement their Comprehensive Economic Partnership Agreement (CEPA) on 1 May 2026, following the completion of domestic approval procedures and bilateral consultations to expedite its entry into force. The CEPA,
Read MoreKorea (Rep.) expands temporary fuel tax cuts amid Middle East conflict
Korea (Rep.) will increase its temporary fuel tax reductions to ease costs amid the Middle East conflict, the finance ministry said Thursday 2 March 2026. Gasoline taxes will rise from a 7% cut to 15%, and diesel from 10% to 25%. The measure,
Read MoreCanada: 2025 Budget Implementation Act overhauls transfer pricing rules, scraps digital services taxÂ
Canada’s Bill C-15, or the Budget 2025 Implementation Act, No. 1, which received Royal Assent on 26 March 2026, introduces a major overhaul of Canada's transfer pricing regime, repeals the Digital Services Tax, and enacts a wide array of business
Read MoreCanada extends 2% cap on alcohol excise duty increases for two more years
Canada’s federal government announced on 1 April 2026 an additional two-year extension of the 2% cap on the annual alcohol excise duty inflation adjustment, and of the 50% reduction on excise duty rates for the first 15,000 hectolitres of beer
Read MoreCanada enacts Budget 2025 measures
Canada’s Department of Finance has enacted key Budget 2025 measures following the Royal Assent of Bill C-15, the Budget Implementation Act, 2025, No. 1 on 26 March 2026, aimed at strengthening the economy, supporting investment, and enhancing
Read MoreCambodia, Korea (Rep.) sign MOU on tax information exchange
Cambodia and South Korea signed a Memorandum of Understanding (MoU) on the exchange of information for tax purposes during the 5th Korea-Cambodia Commissioners of Taxation Meeting in Phnom Penh. This announcement was made on 12 March 2026. The
Read More