S. Korea, Ghana to Discuss Double Taxation Monday

The government says it will launch on Monday the first round of negotiations with Ghana to adopt an accord on preventing double taxation.

The Ministry of Strategy and Finance said Sunday that the meeting comes as Ghana, with its vast amount of mineral resources, is stepping up efforts to attract foreign investment. The ministry said it plans to help Korean firms make active inwards into the African country’s construction and communications sectors.

Seoul has been negotiating accords on preventing double taxation with resource-rich developing countries since 2006. The nation has adopted such deals with Iran, Nigeria, Qatar and Saudi Arabia.

Under double taxation prevention accords, a Korean firm that reaps profits while operating in a foreign country only has to pay taxes to one nation.