Korea’s Ministry of Strategy and Finance has recently issued the final Master file and Local file requirements and templates. The two files are part of a Combined Report on International Transactions based on the guidelines developed as part of Action 13 of the OECD BEPS Project.
For tax years beginning on or after 1 January 2016, all Korean domestic entities and Korean establishments of foreign entities are required to submit a Combined Report if:
- Its sales revenue exceeds KRW 100 billion…