On 27 May 2014, the Italian Senate approved the law ratifying the 2012 protocol to the 1989 tax treaty with South Korea. The protocol updates the exchange of information article to bring it in line with OECD standards and adds the regional tax on productive activities (IRAP) to the Italian taxes covered. It also adjusts the articles on general definitions and elimination of double taxation.
The protocol will enter into force once the ratification instruments are exchanged, and will apply fro…