A
New Memorandum of Understanding (MoU) on suspension of collection of
taxes during pendency of Mutual Agreement Procedure (MAP) was signed
here today between India and South Korea. This MoU will relieve the
burden of double taxation for the taxpayer in both the countries during
the pendency of MAP proceedings.
Earlier
a meeting was held here today between Indian and South Korean
delegations headed by Revenue Secretary, Government of India and
Commissioner, National Tax Service, South Korea under the Memorandum of
Understanding (MoU) for Mutual Co-operation between the countries. The
New MoU was also signed in the said Meeting. Further, both sides noted
that transfer pricing dispute cases will be taken-up for MAP under the
revised DTAA between India and South Korea. This is a step towards ease
of doing business in India for Korean companies as it will relieve
economic double taxation and promote cross-border trade and investment.
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