The protocol to the 1989 income tax treaty between Italy and South Korea entered into force on 23 January 2015. The protocol, signed 3 April 2012, is the first to amend the treaty.
The protocol amends Article 2 Taxes Covered to include regional tax on productive activities (IRAP), Article 3 General Definitions, Article 23 Method for Elimination of Double Taxation in regard to Italy, and replaces Article 26 Exchange of Information bringing it in line with the OECD standard for information ex…