South Korea's Ministry of Finance has issued an announcement on the draft 2023 Tax Law Amendment Bill. One of the key measures of the bill concerns the implementation of the new global minimum tax (GloBE) rules, which are scheduled to apply from 1 January 2024. This includes a deferral of the undertaxed payment/profit rule (UTPR) effective date from 1 January 2024 to 1 January 2025. The effective date of the primary income inclusion rule (IIR) remains 1 January 2024.
Other important measure…