Memorendum signed between India and South Korea

A New Memorandum of Understanding (MoU) on suspension of collection of taxes during pendency of Mutual Agreement Procedure (MAP) has been signed between India and South Korea. This MoU will relieve the burden of double taxation for the taxpayer in both the countries during the pendency of MAP proceedings. 
- Both sides also noted that transfer pricing dispute cases will be taken-up for MAP under the revised DTAA between India and South Korea. 
- This is a step towards ease of doing business in India for Korean companies as it will relieve economic double taxation and promote cross-border trade and investment.

About MAP (Mutual Agreement Procedure)
-It is an alternate dispute resolution mechanism that allows competent authorities of India and its treaty partner to negotiate a mutually acceptable settlement.