Minister of Finance Dr. Ibrahim bin Abdulaziz Al-Assaf said avoidance of double taxation and halting of not paying taxes on income which was signed last night between the Kingdom of Saudi Arabia and South Korea in the presence of the Custodian of the Two Holy Mosques, King Abdullah bin Abdulaziz and South Korean President Roh Moo-Hyon, is considered as a legal framework which defines tax relations between the two countries. In a statement to Saudi Press Agency (SPA) after signing the agreement with the South Korean Minister of Commerce Song Min-Soon here yesterday, Dr. Al-Assaf said the agreement defines clearly the taxation performance and guarantees no double taxation on the income obtained by investors. He also pointed out that the volume of trade exchange between the two countries is growing steadily. It increased from SR 35 billion in 2000 to more than SR 65 billion in 2005. -- SPA
