The income tax treaty between Gabon and South Korea entered into force on 2 December 2015. The treaty, signed 25 October 2010, is the first of its kind between the two countries.
The treaty covers Gabonese company tax and flat-rate minimum tax, tax on income of natural persons, complementary tax on salaries, special immovable property tax on rentals, and tax on income from movable capital. It covers Korean income tax, corporation tax, special tax for rural development, and local income tax.
The following capital gains derived by a resident of one Contracting State may be taxed by the other State:
Gains from the alienation of other property by a resident of a Contracting State may only be taxed by that State.
Korea applies the credit method for the elimination of double taxation, while Gabon generally applies the exemption with progression method. However, in respect of income covered by Articles 10 (Dividends), 11 (Interest) and 12 (Royalties), Gabon applies the credit method.
The treaty applies from 1 January 2016.
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