On 20 March 2017, South Korean Ministry of Strategy and Finance published a notice to clarify Country-by-Country (CbC) reporting and notification obligations and deadlines. The notice states that a CbC reporting obligation exists in Korea:
For Korean parented groups, a CbC report must be submitted in Korea if the condition for the obligation is met. For non-Korean parented groups, a CbC report must be submitted in Korea if either conditions for the obligation is met and a CbC report is not exchanged with Korea from the ultimate parent's jurisdiction or a surrogate parent's jurisdiction, as the case may be. If local filing is required and there are multiple constituent entities residents in Korea, one may be appointed to submit the CbC report.
With respect to notifications, all Korean entities of an MNE group meeting any of the above conditions for the CbC reporting obligation must submit a notification to the Korean tax authority on which group entity will be fulfilling the CbC reporting obligation.
For the fiscal year ending December 2016, the notice specifies that the notification is due by 30 June 2017 (standard 6 months after), and that the CbC report is due by 2 January 2018 (standard 12 months after, but falls on weekend/holiday).
Click the following link for the notice (Korean language), which applies 21 March 2017.
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