Double Tax Agreement Korea
7 décembre 2020
Korea has social security agreements with Australia, Austria, Belgium, Brazil, Bulgaria, Canada, Chile, China, Croatia, Czech Republic, Denmark, Finland, France, Germany, Hungary, India, Iran, Ireland, Italy, Japan, Luxembourg, Mongolia, Netherlands, Peru, Poland, Quebec, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, Turkey, United Kingdom, United States and Uzbekistan from March 2020. Social security agreements are intended to help those who have paid bonuses to national pension plans in two different countries; it allows them to obtain benefits by combining the overall coverage periods in the two countries (i.e. totalization). However, the agreement needs to be reviewed, as the detailed provisions may vary depending on the agreement. In addition to income tax agreements to avoid double taxation, Korea has agreements with many countries, including some tax havens and those that have tentatively concluded such agreements. TIEA coverage covers Andorra, Bermuda, the British Virgin Islands and the Cook Islands, to name a few. TIEAs include information necessary to manage and enforce national tax law, including details relating to the registration of tax payers, information relating to the ownership of the business, accounting documents and accounts of a given transaction, as well as information on individual or corporate financial transactions. TIEAs create a framework for Korea to reduce abusive tax evasion with tax havens and to disclose and collect taxes on offshore tax evasion. In addition, Korea is one of 136 countries that have joined the Multilateral Convention on Mutual Tax Assistance since March 2020. Read a report by KPMG member company in the Czech Republic in January 2020 KPMG`s logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that acts as a coordination unit for a network of independent member companies. KPMG International does not offer audits or other customer services. These services are provided exclusively by member companies located in their respective geographic areas.
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