Switzerland and South Korea sign protocol of amendment to double taxation agreement
Bern, 17.05.2019 - On 17 May 2019 in Seoul, Switzerland and South Korea signed a protocol amending the agreement for the avoidance of double taxation with respect to taxes on income (DTA). The protocol implements the minimum standards for double taxation agreements.
In particular, the protocol of amendment contains an abuse clause which refers to the main purpose of an arrangement or transaction and thus ensures that the DTA is not abused.
The cantons and the business circles concerned have welcomed the conclusion of the protocol of amendment. It still has to be approved by parliament in both countries before it can come into force.
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