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Circular of the State Administration of Taxation concerning the Effectiveness and Implementation of the Memorandum of Understanding on the Agreement between the Government of the People's Republic of China and the Government of the Republic of Korea for the Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to Taxes on Income
Promulgation Date:2007-07-25  Promulgation Number: Guo Shui Fa [2007] No.86  Promulgation Department:State Administration of Taxation
Circular of the State Administration of Taxation concerning the Effectiveness and Implementation of the Memorandum of Understanding on the Agreement between the Government of the People's Republic of China and the Government of the Republic of Korea for the Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to Taxes on Income Guo Shui Fa [2007] No.86 The state taxation bureaus and local taxation bureaus of all provinces, autonomous regions, municipalities directly under the Central Government and municipalities under the separate state planning: The Memorandum of Understanding on the Agreement between the Government of the People's Republic of China and the Government of the Republic of Korea for the Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to Taxes on Income (hereinafter referred to as the Memorandum of Understanding) has been formally signed in Beijing on July 13, 2007, by Wang Li, deputy director-general of the State Administration of Taxation of the People's Republic of China and Huh Yong-seok, director for tax policy of the Ministry of Finance and Economy of the Republic of Korea, for the competent authorities of their respective governments. This Memorandum of Understanding shall be effective and implemented as of the date of signing. This Memorandum of Understanding is hereby printed and issued hereby to you for implementation. State Administration of Taxation July 25, 2007 Annex: Memorandum of Understanding on the Agreement between the Government of the People's Republic of China and the Government of the Republic of Korea for the Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to Taxes on Income For the purpose of properly implementing the Agreement between the Government of the People's Republic of China and the Government of the Republic of Korea for the Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to Taxes on Income, the competent authority of the People's Republic of China and the counterpart of the Republic of Korea have held talks upon Paragraph 3 of Article 11 and Paragraph 1 and Paragraph 2 of Article 19, and have reached agreement with regard to the following items: 1. In Paragraph 3 of Article 11, the term "the central bank and financial institutions performing administrative powers" refers to: (1) in the case of the People's Republic of China: (a) People's Bank of China; (b) China Development Bank; (c) The Export-Import Bank of China; (d) Agriculture Development Bank of China; (e) China Export & Credit Insurance Corporation; (f) National Council for Social Security Fund; (g) Organizations which have the ownership structure and function and are equivalent to "Investment Company of the Republic of Korea" (The name is to be set by authorities of both parties via exchange of letter); (h) Organizations which perform the functions of banking, insurance and securities; and (i) Other financial institutions agreed by both contractual states through negotiation. (2) in the case of Republic of Korea: (a) Bank of Korea; (b) Korea Development Bank; (c) Korea Export-Import Bank; (d) Korea Investment Corporation; (e) Korea Export Insurance Corporation; (f) Financial Supervisory Service; (g) Other financial institutions agreed by the competent authorities of the Contracting States through mutual agreement. 2. The provisions of paragraphs 1 and 2 of Article 19 shall also apply to the remuneration or pensions paid by the following institutions: (1) in the case of China: (a) People's Bank of China; (b) China Development Bank; (c) Export-Import Bank of China; (d) Agricultural Development Bank of China; (e) China Council for the Promotion of International Trade; (f) China Export & Credit Insurance Corporation; (g) National Council for Social Security Fund; (h) Organizations which have the ownership structure and function and are equivalent to "Investment Company of the Republic of Korea" (the name is to be set by authorities of both parties via exchange of letter); (i) Organizations with executive banking, insurance and securities supervisory functions; and (j) Other financial institutions agreed by both contractual states through negotiation. (2) in the case of Korea: (a) Bank of Korea; (b) Korea Development Bank; (c) Korea Export-Import Bank; (d) Korea Trade-Investment Promotion Agency; (e) Korea National Tourism Corporation; (f) Korea Investment Corporation; (g) Korea Export Insurance Corporation; (h) Financial Supervisory Service; (i) Other financial institutions agreed by both contractual states through negotiation. 3. The Memorandum shall come into force as of the date of its official signature, and shall supersede the Memorandum of Understanding on the Tax Agreement between the Government of the People's Republic of China and the Republic of Korea signed on November 26, 1994. The Memorandum herein was signed in duplicate in Chinese, Korean and English in Beijing on July 13, 2007, each text being equally authentic. Where misunderstanding arises in the interpretation, the English version shall prevail. Representative of the competent authority of the People’s Republic of China deputy director-general of the State Taxation of the People’s Republic of China Wang Li Representative of the competent authority of the Republic of Korea director for tax policy of the Administration of Ministry of Finance and Economy of the Republic of Korea Huh Yong-seok
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