On 31 May 2024, Turkish President Recep Tayyip Erdoğan signed the decision for the ratification of the new income tax treaty with South Korea. The treaty, signed 22 October 2021, will enter into force 30 days after the ratification instruments are exchanged and will apply from 1 January of the year following its entry into force. Once in force and effective, it will replace the 1983 income tax treaty between the two countries.