It has been reported that the government of Korea (Rep.) is planning to implement a consolidated taxation system and limiting it to 100% owned subsidiaries. Under the proposed consolidated taxation system, a parent company and its 100% wholly-owned subsidiaries are to be treated as one entity for tax purposes.
The Ministry of Strategy and Finance (formerly two separate ministries, i.e. Ministry of Planning and Budgets and Ministry of Finance and Economy) is expected to include the consolidated taxation system in the August tax reformation bill.
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