The Korean Ministry of Strategy and Finance has published a notice on a draft decree that sets certain requirements regarding the country's Country-by-Country (CbC) report, Master file, and Local file requirements, and makes certain other amendments. The main points include:
- Ultimate parent entities resident in Korea are required to submit a CbC report if group revenue exceeds KRW 1 trillion in the previous year, and subsidiaries and branches (constituent entities) in Korea of foreign group…