S.L. 123.46 Art. 2Arrangements to have effect. The Korea, the prevention follows: This Contracting 1. The (a) in (b) in 2. This taxes which or in place of, shall notify respective 1. For the (a) the area adjacent with Republic of Korea with the Island of including the Republic hereafter be Shelf, to the sea- mean the

It is hereby declared -

(a) that the arrangements specified in the Convention set out in the Schedule to this Order have been made with the Government of the Republic of Korea with a view to affording relief from double taxation in relation to the following taxes imposed by the laws of the Republic of Korea:

(i) the income tax;

(ii) the corporation tax;

(iii) the inhabitant tax; and

(iv) the special tax for rural development;

(b) that it is expedient that those arrangements should have effect. SCHEDULE

CONVENTION BETWEEN THE REPUBLIC OF MALTA AND THE REPUBLIC OF KOREA FOR THE AVOIDANCE OF DOUBLE TAXATION AND THE PREVENTION OF FISCAL EVASION WITH RESPECT TO TAXES ON INCOME

Government of the Republic of Malta and the Government of the Republic of desiring to conclude a Convention for the avoidance of double taxation and of fiscal evasion with respect to taxes on income, have agreed as

ARTICLE 1

Personal Scope

Convention shall apply to persons who are residents of one or both of the States.

ARTICLE 2

Taxes Covered existing taxes to which this Convention shall apply are: the case of Korea:

(i) the income tax;

(ii) the corporation tax;

(iii) the inhabitant tax; and

(iv) the special tax for rural development; (hereinafter referred to as "Korean tax"); the case of Malta: the income tax; (hereinafter referred to as "Malta tax"). Convention shall apply also to any identical or substantially similar are imposed after the date of signature of the Convention in addition to, the existing taxes. The competent authorities of the Contracting States each other of any substantial changes which have been made in their taxation laws.

ARTICLE 3

General Definitions purposes of this Convention, unless the context otherwise requires: term "Korea" means the territory of the Republic of Korea including any to the territorial sea of the Republic of Korea which, in accordance international law, has been or may hereafter be designated under the laws of the Korea as an area within which the sovereign rights of the Republic of respect to the sea-bed and sub-soil and their natural resources may be exercised;

(b) the term "Malta", when used in a geographical sense, means Malta, the Island of Gozo and the other islands of the Maltese archipelago the territorial waters thereof, and any area outside the territorial sea of of Malta which, in accordance with international law, has been or may designated, under the law of the Republic of Malta concerning the Continental as an area within which the rights of the Republic of Malta with respect bed and sub-soil and their natural resources may be exercised;

(c) the terms "a Contracting State" and "the other Contracting State" Republic of Korea or the Republic of Malta, as the context requires;

(d) the term "tax" means Korean tax or Malta tax, as the context

(e) the term "person" includes an individual, a company and any persons;

(f) the term "company" means any body corporate or any entity which as a body corporate for tax purposes;

(g) the terms "enterprise of a Contracting State" and "enterprise Contracting State" mean respectively an enterprise carried on by Contracting State and an enterprise carried on by a resident of the other State;

(h) the term "national" means:

(i) in respect of Korea, all individuals possessing the nationality and all legal persons, partnerships, associations and deriving their status as such from the laws in force in Korea;

(ii) in respect of Malta, all individuals who are citizens of legal persons, partnerships, associations and other entities status as such from the laws in force in Malta;

(i) the term "international traffic" means any transport by a ship, road vehicle operated by an enterprise of a Contracting State, except aircraft or road vehicle is operated solely between places in the other State;

(j) the term "competent authority" means:

(i) in the case of Korea, the Minister of Finance and Economy authorised representative;

(ii) in the case of Malta, the Minister responsible for authorised representative.