- March 24, 2023
- Posted by: andorrasolutions
- Categories: Convenio doble imposición, Double tax treaty
On 23 March 2023, the delegations of Andorra and South Korea concluded the negotiations of the DTA – Tax Convention for the elimination of double taxation in relation to income tax and the prevention of tax evasion and avoidance.
The negotiations were completed, in person in the Principality of Andorra, in two rounds. The first was held between 14 and 16 December 2022, with Marc Ballestà, Andorra’s Secretary of State for International Financial Affairs, and Dae Yeon Kim, Director of the Treaty Team of the Ministry of Economy and Finance of South Korea. The second round of negotiations, from 21 to 23 March, was attended again by Marc Ballestà for Andorra and by Kwanghyo Ko, Vice-Minister of Finance and Customs of the South Korean Ministry of Economy and Finance, for South Korea.
After the negotiations, which agreed on the text of the agreement, the next step is for each country to initiate its internal procedures, which will then allow the text to be signed and subsequently approved by both countries. This was announced by the Government of Andorra on 23 March 2023.
This is the second agreement to avoid double taxation and prevent tax evasion that Andorra will have with an Asian country, and the 16th in total. If you would like to see which other countries Andorra has a DTA with, you can visit our website.