Ghana negotiates tax treaties with Hungary, Israel, UAE, Korea, Egypt
Ghana announced that it is negotiating to establish income tax treaties with Hungary, Israel, UAE, Korea, and Egypt. Daniel Nuer, Head of the Tax Policy Unit at Ghana's Ministry of Finance, revealed that the Ministry plans to implement
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Andorra ratifies tax treaty with South Korea
The Principality of Andorra has announced the ratification of the 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
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South Korea: President reportedly urges National Assembly to scrap financial investment income tax
The office of South Korean President Yoon Suk Yeol has reportedly urged the National Assembly to abandon the current plan to impose a financial investment income tax on capital gains earned by individuals from listed securities on Wednesday, 7
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Korea proposes 2024 tax law overhaul to boost economy
The Ministry of Economy and Finance of South Korea (ROK) introduced its proposed 2024 Tax Law Amendment Bill on 25 July 2024, aiming to encourage economic activity and enhance the overall health of the public economy. “This year's tax revision
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Korea (Rep.), Turkey income tax treaty enters into force
The new income tax treaty between Korea (Rep.) and Turkey entered into force on 21 July 2024, replacing the 1983 treaty between the two countries. It aims to enhance tax cooperation and prevent double taxation between the two nations in line with
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Taiwan-South Korea tax treaty takes effect January 2024, Taiwan’s 35th ADTA
Taiwan's Ministry of Finance has announced that the new income tax treaty with South Korea, which came into effect on 27 December 2023, will be applicable from 1 January 2024. The National Taxation Bureau of the Central Area, Ministry of Finance
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South Korea reportedly prepares dividend incentives to boost economic growth
In a bid to stimulate economic growth and encourage corporate investment, the South Korean government is reportedly gearing up to unveil a set of incentives aimed at boosting dividends. According to sources, the government plans to introduce a 5%
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Ivory Coast, Korea (Rep.) fast-track tax treaty talks
Representatives from Ivory Coast and South Korea convened on 3 June, 2024, to enhance their bilateral ties, focusing on expediting talks for an income tax treaty. These negotiations, initiated in 2018, mark a step towards fostering economic
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Turkey ratifies treaty with Korea (Rep.)
Turkish President Recep Tayyip Erdoğan signed the decision to ratify a new income tax treaty with South Korea on 31 May, 2024. The treaty was made to prevent double taxation in taxes on income and to prevent tax evasion and tax
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Korea (Rep.) to unveil detailed tax incentives for corporate reforms, semiconductor industry
South Korea's finance minister, Choi Sang-mok, announced plans of introducing detailed tax incentives as part of corporate reforms aimed at increasing the value of listed companies. The government will gather feedback from market participants in
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Argentina and South Korea to advance tax treaty talks
Argentina and South Korea officials met to discuss bilateral cooperation, focusing on advancing negotiations for an income tax treaty between the two countries, on 13 May, 2024. Any tax treaty resulting from the negotiations must undergo
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South Korea issues guidance on amendments to GloBE pillar two rules
On 27 February 2024, South Korea’s Ministry of Economy and Finance (MOEF) announced regulations concerning modifications to Pillar Two global minimum tax rules enacted as part of the 2023 tax reform legislation. The rules will take effect on 22
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South Korea implements tax reforms including deferring UTPR to 2025
South Korea has implemented various tax changes as part of the 2024 tax reform measures passed by the parliament in late 2023. The main tax measures are: The global minimum tax (GloBE) rules have been amended, with the undertaxed payment/profit
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South Korea introduces pillar 2 GMT measures and international tax response team
On 4 January 2024, South Korea’s National Tax Service released the new Pillar 2 global minimum tax (GMT) requirements. The announcement affirms the government’s intention to enforce the global minimum tax requirements from 1 January 2024. It
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South Korea approves 2024 tax reform bill and postpones undertaxed profits rule
On December 31, 2023, South Korea implemented the 2024 Tax Reform Bill (the 2024 Tax Reform) after approval from Korea's National Assembly on 21 December 2023. The 2024 Tax Reform will take effect for fiscal years starting on or after 1 January 1,
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South Korea updates pillar 2 GMT laws to incorporate OECD guidance
On 31 December 2023, South Korea issued Law No. 19928 (Partial Amendment to the International Tax Adjustment Act). The amendments pertain to the Pillar 2 global minimum tax rules South Korea introduced as part of tax reforms for 2023. The amendments
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South Korea: MOEF announce tax reform proposal for 2023
On 27 July 2023, South Korea’s Ministry of Economy and Finance (MOEF) announced the tax reform proposal for 2023. The tax reform proposal includes changes in the Korean Pillar two global minimum tax rules and transfer pricing compliance
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South Korea approves budget for 2023
On 23 December 2022, South Korea’s National Assembly approved the budget for 2023 including the tax reform proposal for 2023. Accordingly, South Korea changes the existing tax-related measures including transfer pricing measures. The key tax
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