As previously reported, South Korea's Ministry of Finance issued an announcement on 27 July 2023 on the draft 2023 Tax Law Amendment Bill, which includes the deferral of the effective date of the global minimum tax undertaxed payment/profit rule (UTPR) from 1 January 2024 to 1 January 2025, as well as several increased tax incentives. Additional important measures of the draft bill include:
- A change in the deadline for the submission of the Local and Master file from 12 months after the end…