On 16 to 19 May 2016, officials from the Czech Republic and South Korea will meet for the third round of negotiations for an income tax treaty. Any resulting treaty will be the first of its kind directly between the two countries, and will need to be finalized, signed and ratified before entering into force. Once in force and effective, the new treaty would replace the 1992 tax treaty between South Korea and the former Czechoslovakia, which currently applies in respect of the Czech Republic.