S. Korea Signs Multilateral Accord on Preventing BEPS

Write : 2017-06-09 14:29:59 Update : 2017-06-09 14:42:52

S. Korea Signs Multilateral Accord on Preventing BEPS

South Korea has joined a multilateral accord on implementing a tax treaty to prevent Base Erosion and Profit Shifting, or BEPS, which are tax avoidance strategies that exploit gaps and mismatches in tax rules to shift profits to low or no-tax locations.
 
The Finance Ministry said Thursday that Permanent Representative of Korea to the Organization for Economic Cooperation and Development(OECD) Yoon Jong-won signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS as a representative of South Korea in Paris on Wednesday.
 
A total of 68 countries, including 33 OECD member states and China and India, took part in convention.
 
The government plans to gain parliamentary ratification of the convention.

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