On 23 December 2015, the Korean authorities reportedly announced proposed amendments to the Law for the Coordination of International Tax Affairs to regulate the new transfer pricing reporting obligations introduced in the 2015 Tax Revision Bill ({News-2015-12-17/A/2- previous coverage}), including a Master File and Local File. These new requirements are based on Action 13 of the OECD BEPS Project. The main aspects of the proposed regulations are summarized as follows.
Reporting Thresholds
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