The amending protocol to the 1985 income and capital tax treaty between Austria and South Korea is entering into force on 1 March 2023. The protocol, signed 14 June 2021, is the second to amend the treaty and includes the following changes:

• The preamble is updated in line with BEPS standards;
• Article 5 (Permanent Establishment) is updated in line with BEPS standards with regard to the exclusio…