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Korea - Public to have say on Australian Tax Treaty Negotiations


Tuesday, 17 January 2006

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Treasury is inviting interested parties to make written submissions on the upcoming tax treaty negotiations between Australia and the Republic of Korea (Korea).

Australia has an obligation to enter into negotiations with Korea, under the Most Favoured Nation clause in the existing Australia-Korea tax treaty. The clause was triggered by a reduction in withholding taxes in the 2003 Protocol to the Australia-US tax treaty.

The negotiations will provide an opportunity to update the existing Australia-Korea treaty to accommodate modern business practice and treaty policy, where necessary.

For further details, please refer to the Press Release by the then Minister for Revenue and Assistant Treasurer, Senator Helen Coonan, titled “Public to have say on Australian tax treaty negotiations”.

Submissions closing date: 3 March 2006

Address written comments to:

Unit manager
Tax Treaties Unit
International Tax and Treaties Division
The Treasury
Langton Crescent
Parkes ACT 2600

E-mail: taxtreatiesunitconsultation@treasury.gov.au

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