The amending protocol to the 1994 income tax treaty between South Korea and Vietnam entered into force on 20 January 2021. The protocol, signed 27 November 2019, is the first to amend the treaty and includes the following changes: Article 2 (Taxes Covered) is updated to provide that the treaty covers Korea income tax, corporation tax, local income tax, and the special tax for rural development and covers Vietnamese personal income tax and business income tax (including business income tax for foreign contractors); It is provided that with reference to Article 7 (Business Profits): it is understood that the interpretation...