South Korea and Kyrgyzstan have agreed to sign a double-taxation avoidance agreement to promote bilateral investment and other exchanges, the Finance Ministry said Thursday.
Following working-level talks between the two sides earlier this week, the two nations agreed that tax will be levied only on profits directly related to permanent establishments or fixed locations where business activities are carried out, the ministry said.
Offshore income by construction firms will also be exempt from taxation, it added.
South Korea has double-taxation avoidance pacts with 78 countries so far, the ministry said, adding that 71 of them are currently in effect.
Source:Xinhua
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