The Korean National Tax Service (NTS) recently issued guidance on the general procedures and requirements for applying for an advance pricing agreement (APA). The basic steps and requirements are summarized as follows.
Pre-Filing Meeting
A pre-filing meeting is held to discuss the background of the request, past tax returns covered by the APA, the taxpayer's eligibility, the transactions to be covered and the proposed transfer pricing method.
APA Application
The APA Application is made …