According to recent reports, Korea's Ministry of Strategy and Finance is working on draft legislation to introduce Country-by-Country (CbC) reporting requirements based on guidelines developed as part of Action 13 of the OECD BEPS Project. The legislation is expected to be finalized and approved later in 2016, and apply for fiscal years beginning on or after 1 January 2017.
Korea has already introduced Master file and Local file requirements based on Action 13 ({News-2016-04-01/A…