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Austrian Parliament Approves Pending Protocols to Tax Treaties with South Korea and the UAE — Orbitax Tax News & Alerts

On 2 December 2021, Austria's Federal Council (upper house of parliament) approved the ratification of the pending protocols to the 1985 income and capital tax treaty with South Korea and the 2003 income tax treaty with the United Arab Emirates, following approval of the agreement by the National Council (lower house) on 19 November October.

The protocol to the 1985 Austria-South Korea treaty was signed on 14 June 2021 and is the second to amend the treaty. It will enter into force on the first day of the third month after the ratification instruments are exchanged and will apply from 1 January of the year following its entry into force.

The protocol to the 2003 Austria-UAE treaty was signed on 1 July 2021 and is the first to amend the treaty. It will enter into force on the first day of the third month after the ratification instruments are exchanged and will apply from 1 January of the year following its entry into force.