Most Popular
-
1
Dongduk Women’s University halts coeducation talks
-
2
Defense ministry denies special treatment for BTS’ V amid phone use allegations
-
3
Russia sent 'anti-air' missiles to Pyongyang, Yoon's aide says
-
4
OpenAI in talks with Samsung to power AI features, report says
-
5
Two jailed for forcing disabled teens into prostitution
-
6
South Korean military plans to launch new division for future warfare
-
7
Gold bars and cash bundles; authorities confiscate millions from tax dodgers
-
8
Trump picks ex-N. Korea policy official as his principal deputy national security adviser
-
9
Kia EV9 GT marks world debut at LA Motor Show
-
10
Teen smoking, drinking decline, while mental health, dietary habits worsen
Seoul to require detailed tax data from multinational firms
By Korea HeraldPublished : July 28, 2016 - 14:47
[THE INVESTOR] South Korea will require multinational corporations to submit business records including those regarding taxation, as part of its efforts to curb tax evasion.
According to the revised tax rules, South Korea will comply with the international Base Erosion and Profit Shifting project and require multinational firms with annual revenues exceeding 1 trillion won (US$889 million) to submit detailed records.
According to the revised tax rules, South Korea will comply with the international Base Erosion and Profit Shifting project and require multinational firms with annual revenues exceeding 1 trillion won (US$889 million) to submit detailed records.
The records, to be provided by the parent company of South Korea-based operations, will include income and tax records in each country the company operates in, and a list of subsidiaries and number of employees.
The deadline for submission is 12 months from the end of the fiscal year for the parent company. Following the regulation change, concerned companies will be required to submit data regarding the 2016 tax year by the end of 2017.
Seoul will also share the information obtained next year with 44 collaborating nations from 2018.
By Choi He-suk (cheesuk@heraldcorp.com)
The deadline for submission is 12 months from the end of the fiscal year for the parent company. Following the regulation change, concerned companies will be required to submit data regarding the 2016 tax year by the end of 2017.
Seoul will also share the information obtained next year with 44 collaborating nations from 2018.
By Choi He-suk (cheesuk@heraldcorp.com)
-
Articles by Korea Herald
