On 28 July 2016, the South Korean Ministry of Strategy and Finance (MoSF) published the 2016 Tax Law Amendments bill, which includes the introduction of Country-by-Country (CbC) reporting and amendments to Master and Local file requirements, as well as a number of measures to support investment and R&D, and other changes.
CbC Reporting and Master and Local File
MNE groups operating in South Korea will need to submit a CbC report for fiscal years beginning on or after 1 January 2016 if…