Double-taxation pact with Luxembourg to boost trade

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Double-taxation pact with Luxembourg to boost trade

Korea and Luxembourg signed a revised pact of double taxation prevention to help expand investment and trade, the Ministry of Foreign Affairs and Trade said yesterday.

The pact, an amended protocol of their 1986 agreement, was signed in Seoul between the first Vice Foreign Minister Ahn Ho-young and Luxembourg Ambassador to Korea Paul Steinmetz.

“Under the revised pact, the two counties are expected to strengthen their exchanges of tax information to block tax evasion in accordance with the Organization for Economic Cooperation and Development (OECD) standards, and also invigorate trade, investment and other exchanges,” said Park Heung-kyoung, an official at the ministry’s international economic affairs bureau.

Seoul has now forged tax-prevention treaties with 83 countries and 78 have been implemented.

The two countries also agreed to lower the rates for withholding taxes to boost bilateral investment.

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