Bermuda – South Korea Tax Information Exchange Agreement Enters Into Force

The Tax Information Exchange Agreement between Bermuda and South Korea entered into force and became effective on 13 Fevruary 2015.

Once requested for information by one state, the other state is obligated to release the information in 90 days unless the information contains business secrets or classified business processes. If there are other legitimate reasons to reject the request by one state, the other state is required to provide a reasonable explanation.