On 8 July 2014, an income tax treaty between South Korean and Hong Kong was signed. The treaty is the first of its kind between the two jurisdictions. Taxes Covered The treaty covers South Korean income tax, corporation tax, the special tax for rural development, and the local income tax. It covers Hong Kong profits tax, salaries tax, and property tax. Residence If a company is a resident in both Contracting Parties, the competent authorities will determine the company's residence for the purpose of the treaty through mutual agreement. If the authorities cannot reach mutual agreement, the company will not...