Korea, Iraq initiate double taxation avoidance pact

Home > Business > Economy

print dictionary print

Korea, Iraq initiate double taxation avoidance pact

Korea and Iraq have initialed a double taxation avoidance pact, Korea’s finance ministry said Friday, in a move that could boost bilateral economic cooperation.

The agreement is set to take effect after a formal signing and parliamentary ratifications in both countries, according to the ministry.

The move comes as Korean construction companies are participating in major infrastructure projects in the war-torn country.

Hanwha Engineering & Construction is set to build 100,000 homes in Besmaya, Iraq, a sprawling suburb located about 10 kilometers (6.2 miles) southeast of Baghdad, by 2019 under a $7.75 billion deal.

The contract is the single largest overseas project for any Korean builder.

In 2014, a Korean consortium led by Hyundai Engineering and Construction Co. won a $6.04 billion contract to build a large oil refinery in the southern Iraqi city of Karbala.


More in Economy

Average selling price of Seoul apartments hits 1 billion won

New legislation on online shopping proposed by FTC

Cash is truly king in time of coronavirus

When settling for a studio apartment is too expensive

Bill creates new rental protections for small businesses

Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)

What’s Popular Now