The income tax treaty between Ethiopia and South Korea entered into force on 31 October 2017. The treaty, signed 26 May 2016, is the first of its kind between the two countries. Taxes Covered The treaty covers Ethiopian tax on income and profit imposed by the Income Tax proclamation, and the tax on income from mining, petroleum, and agricultural activities. It covers Korean income tax, corporation tax, special tax for rural development, and local income tax. Withholding Tax Rates Dividends - 5% if the beneficial owner is a company directly holding at least 25% of the paying company's capital; otherwise...