To the Senate of the United States:
I transmit herewith, for Senate advice and consent to ratification, the Convention signed at Seoul on June 4, 1976, between the Government of the United States of America and the Government of the Republic of Korea for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and the Encouragement of International Trade and Investment, together with a related exchange of notes.
There is no convention on this subject presently in force between the United States and Korea.
The Convention follows generally the form and content of most conventions of this type recently concluded by the United States. Its primary purpose is to identify clearly the tax interests of the two countries to avoid double taxation and to help prevent the illegal evasion of taxation.
For the information of the Senate, I also transmit, a covering report of the Department of State with respect to the Convention.
This Convention would promote closer economic cooperation and more active trade between the United States and Korea.
I urge the Senate to act favorably at an early date on this Convention and its related exchange of notes and to give its advice and consent to ratification.
GERALD R. FORD
The White House,
September 3, 1976.