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Korea Enacts Legislation for 2016 Tax Reform including New Transfer Pricing Reporting Requirements

|Approved Changes|Korea, Rep of
Korea, Rep of

On 15 December 2015, Korea reportedly enacted the 2015 Tax Revision Bill, which includes tax reform measures for 2016. Some of the main measures are summarized as follows.

New Master File and Local File Requirements

New transfer pricing reporting requirements are introduced for multinational enterprises, including domestic Korean companies and permanent establishments in Korea of foreign companies. Under the new requirements, a report must filed by the due date for the annual tax return th…

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