South Korea Amends Pillar 2 Legislation to Include OECD Administrative Guidance

On 31 December 2023, South Korea published Law No. 19928 (Partial Amendment to the International Tax Adjustment Act). The amendments concern the Pillar 2 global minimum tax rules that South Korea introduced as part of tax reforms for 2023 and which apply from 1 January 2024 (previous coverage). The amendments provide for the inclusion of the latest OECD administrative guidance on the operation of the Pillar 2 rules.