South Korea has introduced several tax changes as part of the 2024 tax reform measures approved in parliament at the end of 2023. Some of the main measures include:
- The amendment of the new global minimum tax (GloBE) rules, including 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), as well as other changes including changes based on OECD administ…