Georgia, South Korea Sign Tax Treaty
Georgia and South Korea have recently signed a double tax agreement, which allocates taxing rights to the two countries to prevent the double taxation of the same income.
The agreement was signed by Georgian Finance Minister Nodar Khaduri, and South Korea’s Deputy Prime Minister and Minister of Finance, Yoo II-Ho, on March 31, 2016.
At a meeting held after the signing ceremony, the ministers discussed economic cooperation and investment prospects in the two countries. Khaduri briefed II-Ho about his Government’s planned tax reforms and said he sought investment from South Korean firms.
Georgia is seeking to introduce a corporate income tax regime similar to Estonia’s, with support from experts from that country, to encourage new investment in Georgia. A draft law setting out the proposed changes is expected to be laid before Parliament soon.