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.

With the top-up tax aspect of the OECD Pillar Two Global Minimum Tax (GMT) set to take effect in Korea from January 1, 2024 onwards, the Lee & Ko team reviews the latest status of domestic GMT legislation and its implementation, and discusses the implications for multinationals operating in Korea.