Global Minimum Tax in Korea: Implementation Upcoming
Korea recently published new regulations containing detailed implementation guidance in regard to Global Minimum Tax (OECD Pillar Two). The new regulations are published in the Presidential Decrees to the International Tax Coordination Law and are effective January 1st, 2024.
In this newsletter, Lee & Ko’s International Tax Team provides an update on the status of the latest domestic implementation guidance and differences from the OECD Pillar Two, implications for multinationals in Korea, and timetable for implementation of IIR, UTPR and the Transitional Safe Harbours, among others.
In this newsletter, Lee & Ko’s International Tax Team provides an update on the status of the latest domestic implementation guidance and differences from the OECD Pillar Two, implications for multinationals in Korea, and timetable for implementation of IIR, UTPR and the Transitional Safe Harbours, among others.
Korean Tax Law and Regulation Updates for 2023
Korea’s latest tax reforms package was approved by the National Assembly in December 2022, with further details made clear by the Presidential Enforcement Decree which was published in January 2023.
Before going into the details of the Korean tax reforms for 2023, it is important to consider the wider global context and domestic political context in which these reforms have been made, in order to understand some of the rationale underlying the reforms.
Before going into the details of the Korean tax reforms for 2023, it is important to consider the wider global context and domestic political context in which these reforms have been made, in order to understand some of the rationale underlying the reforms.
