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THE INVESTOR] South Korea will require multinational corporations to submit business records including those regarding taxation, as part of its efforts to curb tax evasion.
According to the revised tax rules, South Korea will comply with the international Base Erosion and Profit Shifting project and require multinational firms with annual revenues exceeding 1 trillion won (US$889 million) to submit detailed records.
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The records, to be provided by the parent company of South Korea-based operations, will include income and tax records in each country the company operates in, and a list of subsidiaries and number of employees.
The deadline for submission is 12 months from the end of the fiscal year for the parent company. Following the regulation change, concerned companies will be required to submit data regarding the 2016 tax year by the end of 2017.
Seoul will also share the information obtained next year with 44 collaborating nations from 2018.
By Choi He-suk (
cheesuk@heraldcorp.com)
