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 avoidance.
Originally signed on 22 October, 2021, it will become effective 30 days after the exchange of ratification instruments.
Applicable from 1 January of the year following its entry into force, this new treaty will replace the 1983 income tax agreement between the two nations.
