Korea
A. Progress in the implementation of the minimum standard
Korea has 94 tax agreements in force as reported in its response to the Peer Review questionnaire. Fifty of those agreements comply with the minimum standard.
Korea signed the MLI in 2017 and deposited its instrument of ratification on 13 May 2020. The MLI entered into force for Korea on 1 September 2020. The agreements modified by the MLI come into compliance with the minimum standard once the provisions of the MLI take effect.
Korea has not listed its agreements with Albania, Austria, Belarus, Brazil, Germany, and Türkiye, but has signed a bilateral complying instrument with respect to its agreements with Austria and Türkiye, and indicated in its response to the Peer Review questionnaire that steps have been taken (other than under the MLI) to implement the minimum standard in the agreements with Albania, Belarus, Brazil, Ecuador*, Ethiopia*, Germany, Iran*, Kyrgyzstan*, Lao People’s Democratic Republic*, Myanmar*, Nepal*, and Venezuela*. Albania and Türkiye have listed their agreements with Korea under the MLI.
Korea is implementing the minimum standard through the inclusion of the preamble statement and the PPT.1
B. Conclusion
No jurisdiction has raised any concerns about their agreements with Korea.
Albania has listed their agreements with Korea under the MLI, which amount to requests to implement the minimum standard.
Note
← 1. For its agreements listed under the MLI, Korea is implementing the preamble statement (Article 6 of the MLI) and the PPT (Article 7 of the MLI).