On 22 October 2020, South Korea's National Tax Service Published updated Guidance on Mutual Agreement Procedure for Taxpayers, which reflects the latest amendments of the relevant law. The guidance covers application of MAP, proceedings and closing of MAP, implementation of MAP outcome, and documentation.
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Preface
Since the BEPS (Base Erosion and Profit Shifting) project was approved by the OECD and the G20 in October 2015, cross-border tax competition between countries has been highl…