Ghana will next week launch the first round of negotiations with South Korea to adopt an accord on preventing double taxation. The Korean Ministry of Strategy and Finance said the meeting comes as Ghana, with its vast amount of mineral resources, is stepping up efforts to attract foreign investment. Korean firms will therefore be assisted to more actively invest construction and communication sectors of African countries.
The Minister said Seoul has been negotiating accords on preventing double taxation with resource-rich developing countries since 2006. The nation has signed similar deals with Iran , Nigeria , Qatar and Saudi Arabia . Under the double taxation prevention accords, firms that reap profits while operating in foreign countries only have to pay taxes to one nation.
