Korea-Japan Tax Agreements to Be Revised
Korea and Japan will revise the two countries' double taxation prevention convention in a wide range of measures.The two parties reached an agreement to extend the range of tax-exemptions to include non-listed stocks while leveling up on income tax for athletes and entertainers.
Furthermore, the imposing tax rate on royalties, stock distribution, bond interest income will be lowered to 10% from the current 12%.
These revisions will be officially announced next month when Korean president Kim Dae Jung visits Japan, and both nations' foreign ministers sign the new documents.
The new system is expected to induce larger investment from Japan to Korea with the new tax breaks.
with the Korea JoongAng Daily
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