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HomeBusinessTaiwan - Korea tax agreement to commence January 1, 2024

Taiwan – Korea tax agreement to commence January 1, 2024

By Caribbean News Global fav

TAIPEI, Taiwan – To enhance investment promote fairness in taxation, and deepen bilateral substantive relations, Taiwan and the Republic of Korea (ROK) concluded the Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income (ADTA) on November 17, 2021, signed remotely by the representative offices of the two countries following seven years of negotiations.

The ADTA took effect on December 27, 2023, after the two countries had completed relevant domestic legal procedures and notified one another. It will officially apply to tax cases from January 1, 2024.

Taiwan and the ROK are one another’s fifth-largest trading partners. They share a close partnership in semiconductor and IT industrial supply chains, vibrant economic and trade relations, and frequent people-to-people exchanges. In setting out appropriate tax reduction and exemption measures, the ADTA will bolster bilateral industrial cooperation and technological exchanges,” noted the Ministry of Foreign Affairs, (MOFA).

The agreement provides taxation exemption and reduction measures for both Taiwanese expatriates and businesses operating in South Korea and vice versa. The protocol will facilitate the enhancement of two-way industry cooperation and technical exchange.

The Taiwan-ROK accord is the second comprehensive income tax agreement that Taiwan has concluded with a northeast Asian nation after Japan. By fostering better investment environments for businesses from both countries, it will further expand bilateral economic and trade relations, enhance people’s welfare, and create a mutually beneficial, win-win situation.”

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