Italy: Ratifies its protocol with the Republic of Korea on October 29, 2014
Italy has ratified its tax treaty protocol with the Republic of Korea and it was published in the official gazette on October 29,
See MoreKorea: Announces Tax Revision Proposal for 2015
The 2015 Tax Revision Proposal which was announced in August 2014 by the Ministry of Strategy and Finance, again updated and published on 18 September 2014 with some minor changes. According to the proposal the main points are summarized
See MoreChina and South Korea remain divided in Free Trade Agreement negotiations
China and South Korea made some progress in their latest round of negotiations for a FTA but remain divided over the thorniest matter of how soon and how much they will open their markets for sensitive industries, the Seoul government said
See MoreCanada-Korea (Rep.) Free Trade Agreement signs
The Free Trade Agreement (FTA) between Canada and Korea (Rep.) (CKFTA) has been signed on 22 September 2014 that will remove duties on all but all tariff lines. After the CKFTA's entry into force, Korea republic will instantly eliminate duties on
See MoreKorea-Extending antidumping duties on Chinese products
The trade commission of South Korea has decided that the anti-dumping duties on Chinese plate glass would be imposed for another three years. That means the anti-dumping duties of 15.22%-36.01% on the Chinese products would be kept for the
See MoreASEAN: Reviews ongoing negotiations of FTAs with China, Japan and S Korea
The Economic Ministers of ASEAN met with the representative of China, S Korea and Japan to discuss and review the ongoing negotiations to upgrade their respective ASEAN+1 trade treaties. ASEAN and China presented the progress made in implementing
See MoreKorea-Tax Reform Proposals for 2015
The Ministry of Strategy and Finance of Korea announced the Tax Reform Proposals for 2015 on 6 August 2014. According to the proposals a new corporate accumulated earnings tax will be levied on excess cash of large corporations with equity capital
See MoreHong Kong and Republic of Korea Sign bilateral Double Tax Agreement
In order to avoid double taxation, Hong Kong and Republic of Korea signed a double taxation agreement on 08 July 2014. The Agreement was concluded in the Chinese, Korean and English languages, each text having equal authenticity. In the case of
See MoreSouth Korea- Tighten Thin Capitalization Rules
Under revised thin capitalization rules of South Korea proposed for 2015, overseas multinational companies performing business would have to pay a higher tax. The existing thin capitalization rules reject the South Korean unit of a foreign
See MoreSouth Korea-Signed DTA with Kenya
South Korea and Kenya signed an agreement for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income on 8 July 2014. The agreement includes provisions for the exchange of tax
See MoreFTA negotiations between South Korea and China by the end of 2014
The governments of South Korea and China have agreed on 3 July 2014 to complete their negotiations on free trade agreement (FTA) by the end of 2014. The FTA negotiations between these two countries started in May 2012. Both countries have already
See MoreCanada confirming South Korean FTA Terms
The Canadian Government has arranged the final text of its Free Trade Agreement (FTA) with South Korea and upon its entry into force; South Korea will immediately exclude 81.9 % tariff lines duties. Once whole implementation, South Korea will have
See MoreSouth Korea Prioritizes FTA Talks with China and Vietnam
South Korea is continuing to discuss free trade agreements (FTAs) with China and Vietnam. In relation to the negotiations with China safety measures are being drafted in respect of fisheries and agriculture which are very sensitive sectors in South
See MoreKorea – Free trade agreement signed with Australia
A free trade agreement (FTA) was signed on 8 April 2014 by representatives of the governments of South Korea and Australia. The agreement is designed to boost trade between the two countries and strengthen economic ties
See MoreFTA between Canada and South Korea
Canada and South Korea concluded a free trade agreement (FTA) in March 2014. This agreement will reduce or eliminate duties and tariffs on a number of imports and exports between the two countries. Within a three to five year time span Canada is to
See MoreSouth Korea and US Agree on Text Of FATCA Agreement
South Korea has announced that it has agreed to the regular exchange of information with the US from next year to assist the implementation of the Foreign Account Tax Compliance Act (FATCA). The FATCA legislation in the US aims to ensure that the US
See MoreSouth Korea to Rein In Tax Relief to Fund Welfare Reform
Under the Framework Plan for Tax Expenditures for the year 2014 South Korea is committed to amending the system of tax relief. This could result in the abolition of some tax incentives and taxpayers need to keep a close eye on developments as they
See MoreSouth Korea – Seeks Tax from Gold Trading
South Korea is launching the first spot market for gold, in an effort to eliminate underground transactions in gold and boost revenue from tax. The spot market is open to any qualified gold dealer such as an importer or a wholesale or retail
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