S. Korea-Turkey revised double taxation treaty to take effect next week

A bilateral double taxation avoidance treaty between South Korea and Turkey was to come into force next week, Seoul's finance ministry said Friday. The revised convention, set to take effect Sunday, sets the maximum rate of withholding tax in the source country on income payments at 15 percent, compared with the current 20 percent, according to the Ministry of Economy and Finance. The revision aims at easing the tax burden on companies doing business in the other country, and better preventing the avoidance of double taxation and fiscal evasion. The two nations agreed upon the revision in October 2021, the ministry added. Source: Yonhap News Agency