AUSTRALIAN TAX TREATIES

Korean Convention  

CONVENTION BETWEEN THE GOVERNMENT OF AUSTRALIA AND THE GOVERNMENT OF THE REPUBLIC OF KOREA FOR THE AVOIDANCE OF DOUBLE TAXATION AND THE PREVENTION OF FISCAL EVASION WITH RESPECT TO TAXES ON INCOME  

CHAPTER I - SCOPE OF THE CONVENTION  

ARTICLE 2   Taxes Covered  

(1)  
The existing taxes to which this Convention shall apply are -


(a) in Korea:


(i) the income tax;

(ii) the corporation tax; and

(iii) the inhabitant tax;


(b) in Australia:
the Australian income tax, including the additional tax upon the undistributed amount of the distributable income of a private company.

(2)  
This Convention shall also apply to any identical or substantially similar taxes which are imposed by either Contracting State after the date of signature of this Convention in addition to, or in place of, the existing taxes. At the end of each calendar year, the competent authority of each Contracting State shall notify the competent authority of the other Contracting State of any substantial changes which have been made in the laws of either State relating to the taxes to which this Convention applies.




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