On 2 December 2016, the South Korean National Assembly approved a number of tax reform bills in relation to income tax, corporate tax, international tax, and other areas. Some of the main measures are summarized as follows:
CbC Reporting and Master and Local File
Country-by-Country (CbC) reporting requirements are introduced. The main aspects of the requirements include:
- The requirements apply for fiscal years beginning on or after 1 January 2016 for MNE groups meeting a KRW 1 trillion co…