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Korea, Rep of-Switzerland

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Protocol to Tax Treaty between South Korea and Switzerland Signed

On 17 May 2019, officials from South Korea and Switzerland signed an amending protocol to the 1980 income tax treaty between the two countries. The protocol makes the following changes:

  • Replaces the preamble in line with BEPS standards;
  • Amends Article 24 (Mutual Agreement Procedure) to provides that person may present a MAP case to the competent authority of either Contracting States, instead of just the competent authority of the Contracting State of which the person is a resident;
  • Inserts Article 27 (Entitlement to Benefits), which provides that a benefit under treaty shall not be granted in respect of an item of income if it is reasonable to conclude, having regard to all relevant facts and circumstances, that obtaining that benefit was one of the principal purposes of any arrangement or transaction that resulted directly or indirectly in that benefit, unless it is established that granting that benefit in these circumstances would be in accordance with the object and purpose of the relevant provisions of the treaty (existing Articles 27 (Entry into Force) and 28 (Termination) renumbered as Articles 28 and 29).

The protocol will enter into force 15 days after the ratification instruments are exchanged and will generally apply from 1 January of the year following its entry into force.

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