1. Korea-India tax treaty is amended in 30 years
Korean companies that have expanded its business to India is now
able to resolve the difficulties faced due to double taxation by
the local tax authorities. According to the National Tax Service
("NTS") on October 16, the bill for the ratification of
the revised Korea-India tax treaty has recently been passed through
the National Assembly. The Korea-India tax treaty had not been
revised for the past thirty years since its first enactment in
1986. The NTS had been negotiating with India for nine years since
May 2005, and the revision of the agreement was concluded in 2014
and signed in April last year. The key amendment of the tax treaty
that came into force this time is that mutual agreement between the
tax authorities of both sides has become available for transfer
pricing taxation. Transfer pricing taxation is usually accompanied
by a high amount of tax, so it gives companies a lot of financial
pressure and often
