On 20 March 2017, South Korean Ministry of Strategy and Finance published a notice to clarify Country-by-Country (CbC) reporting and notification obligations and deadlines. The notice states that a CbC reporting obligation exists in Korea:
- For Korean parented MNE groups if consolidated annual revenue in the previous year exceeded KRW 1 trillion; and
- For non-Korean parented groups (with Korean subs) if:
- The ultimate parent is required to submit a CbC report in its jurisdiction of residence fo…