National Tax Service Commissioner Lim Gwang-hyeon said Wednesday that the NTS would firmly support Korean companies' overseas expansion in the wake of President Lee Jae-myung's recent visit to Argentina.
Lim shared highlights of President Lee's Argentina trip on his X (formerly Twitter) account that day, saying the conclusion of a double taxation avoidance agreement was "a very important achievement that institutionally supports Korean companies' economic activities abroad."
"This agreement ensures that Korean companies do not pay taxes twice in both countries on income earned overseas," Lim said, adding that he expected it to "be of great help in pursuing business in a more stable environment."
He said the significance of the deal was all the greater because it came "at a time when investment opportunities for Korean companies are expanding in key minerals such as lithium and copper, as well as in the energy sector, and conditions for entering the South American market are broadening."
Lim pledged to actively provide the necessary consultation and support so that companies operating in Argentina can make full use of the agreement once it takes effect.
He added that if double taxation issues arise, the NTS would actively consult with Argentine tax authorities to protect the legitimate rights and interests of Korean companies.
oskymoon@heraldcorp.com
