South Korea, Switzerland Mull Exchange of Tax Information

South Korea and Switzerland plan to add a provision for the exchange of tax information to the existing double taxation agreement (DTA) between the two nations, reports Tax-News.com.

 

The tax news portal says the current bilateral agreement was signed between the two countries in 1981, but has no provisions for the exchange of information.

 

With the planned provision, it is unlikely that the Asian country will be able to obtain full details of transactions on an individual’s funds in Switzerland, says Tax-News. Instead, South Korean authorities will more likely be required to submit proof of criminality and reveal the number of the account to which the funds have been transferred.

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