SEOUL, May 15 (Xinhua)-- South Korea and Iceland on Thursday signed a double taxation convention in a bid to boost economic cooperation
The document was signed in Seoul by Vice Foreign Minister Kim Sung-hwan and Iceland's ambassador to South Korea Gunnar Snorri Gunnarsson.
The document, whose official name is Convention for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and on Capital, is designed to prevent conflict of taxation rights between the two countries in regard to taxes for people and businesses, local media said.
The agreement will go into effect after it is ratified by the parliaments of the respective countries, local media said.
