Korea Issues Final Master file and Local file Requirements and Templates

Korea’s Ministry of Strategy and Finance has recently issued the final Master file and Local file requirements and templates. The two files are part of a Combined Report on International Transactions based on the guidelines developed as part of Action 13 of the OECD BEPS Project.

For tax years beginning on or after 1 January 2016, all Korean domestic entities and Korean establishments of foreign entities are required to submit a Combined Report if:

• Its sales revenue exceeds KRW 100 billion…