SEOUL, KOREA- First Vice Foreign Minister Ahn Ho-young and Italian Ambassador to the Republic of Korea Sergio Mercuri will sign the ROK-Italy Protocol of Amendment to the Agreement on the Avoidance of Double Taxation and the Agreement on the Working Holiday Program at the Foreign Ministry on April 3.
At their summit held on March 27 on the sidelines of the 2012 Seoul Nuclear Security Summit, the ROK President and the Italian Prime Minister shared the view that the aforementioned Protocol and Agreement, when signed, would contribute greatly to deepening bilateral relations.
The Protocol of Amendment to the Agreement on the Avoidance of Double Taxation, expected to take effect in the first half of the year, is intended for the two countries to work more closely together in exchanging tax information so as to prevent tax evasion in accordance with the OECD standards on tax transparency and exchange of information.
The ROK has concluded the agreement with 83 countries, with the agreement with 77 countries in effect. The ROK- Italy Working Holiday Program, designed to permit the youths of the two countries to stay in each other’s countries for a maximum of one year for travel and work, will go into effect in the second half of the year for ROK nationals aged between 18 and 30 to apply for participation.
Italy is the 13th country the ROK has concluded such Agreement with, after Australia, Canada, New Zealand, Japan, France, Germany, Iceland, Sweden, Denmark, Hong Kong, Taiwan and the Czech Republic.
The Protocol of Amendment to the Agreement on the Avoidance of Double Taxation, when effectuated, is expected to contribute to closer bilateral cooperation in exchanging tax information, and to make trade and investment exchanges easier. Meanwhile, the Agreement on the Working Holiday Program is expected to contribute to further developing the comprehensive cooperative relations between the two countries by allowing ROK youngsters to stay in Italy for a long period of time to study the local language and culture on a budget and after undergoing a simple procedure.
