The Principality of Andorra has announced the ratification of the pending income tax treaty with South Korea, the notice was published in the Official Gazette on 6 August 2024.
The agreement aims to eliminate double taxation involving income taxes and preventing tax evasion and avoidance.
This tax treaty, which was signed on 3 November 2023, is a first between the two countries.
Earlier, Andorra and South Korea held two rounds of negotiations held between December 2022 and March 2023. On 23 March, 2023, both nations expressed their intent to sign an agreement.
The tax treaty will come into effect once the ratification instruments are exchanged and will be applicable from 1 January of the year following its enforcement.
