ID :
88702
Mon, 11/09/2009 - 17:16
Auther :

S. Korea, Turkmenistan agree on double-taxation avoidance deal

SEOUL, Nov. 9 (Yonhap) -- South Korea and Turkmenistan have agreed to a
double-taxation avoidance pact aimed at boosting bilateral investment and other
exchanges, Seoul officials said Monday.
South Korea's finance ministry said in a statement that it recently held
negotiations with its counterpart from Turkmenistan and reached a preliminary
agreement on the taxation pact.
Under the deal, yet to be officially signed, South Korean companies will be able
to evade double taxation on business profits they earn there, a move that the
ministry expects will encourage their advance into the central Asian country.
The deal comes as bilateral trade is on the rise. In 2008, South Korea's exports
to the country totaled US$22.36 billion, up from $6.88 billion a year ago, the
ministry said.
South Korea had signed a similar double-taxation avoidance pact with 78 countries
as of October, 74 of which are currently in effect, according to the ministry.
kokobj@yna.co.kr
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