The draft Convention aims to further promote investment and economic exchanges between the two countries by clarifying taxation on cross-border investment and economic activities between the two countries and adjusting international double taxation as well as introducing mutual agreement procedures (including arbitration proceedings) for the tax authorities to resolve disputes on tax matters between the two countries.
The draft Convention also provides for effective exchange of information regarding tax matters between the tax authorities in accordance with the international standards and is expected to contribute to prevention of international tax evasion and tax avoidance.
