Korea Appointed as Vice-Chair Country of UN Committee on International Tax Cooperation

On the 20th (local time), the Ministry of Economy and Finance announced that South Korea was appointed as a vice-chair country of the interim committee chairmanship, consisting of a total of 20 countries, at the organizational meeting of the interim committee held at the United Nations (UN) Headquarters in New York for preparing the basic framework (TOR·Terms Of Reference) of the 'International Tax Cooperation UN Framework Agreement.'

The International Tax Cooperation UN Framework Agreement is a legally binding agreement proposed by the African region last December at the UN General Assembly to strengthen comprehensive and effective international tax cooperation. This meeting is part of the follow-up measures following the adoption of the resolution to prepare the agreement.

The resolution decided to form a chairmanship of the interim committee to proactively prepare the basic framework of the agreement text by August this year. At this organizational meeting of the interim committee, the chairmanship was finalized with a total of 20 countries, four from each of the five regions representing all 193 member states. The interim committee is chaired by Egypt and consists of 18 vice-chairs and one rapporteur. South Korea’s Jeong Byeong-sik, Director of International Tax Policy at the Ministry of Economy and Finance, was appointed as a vice-chair.

The Asia-Pacific region, to which South Korea belongs, has a total of eight countries participating in pairs of two countries each with staggered terms. South Korea agreed to pair with Japan and to take the first half of the term.

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