South Korea: 2017 Tax Reform Further Details Published
The 2017 tax reform implemented aims to stimulate the domestic economy, achieve fair taxation and rationalize the tax system. The new and amended laws affect many areas of taxation, including:
- Tax-free treatment of a merger of brother-sister domestic companies wholly owned by a common shareholder
- Limitation on utilization of net operating losses extended to foreign companies’ domestic branches
- Introduction of country-by-country reporting filing requirements for multinational companies
- Revisions to master file and local file requirements in income tax reporting
- Changes to the computation of corporate accumulated earning tax.
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