Korea transfer pricing documentation guide
February 01, 2008
Supplied by TP Week correspondent Kim & Chang. Report by TY Nam and Stefan Moller
There is no contemporaneous documentation requirement under current Korean tax law, but under Article 5 of the International Tax Coordination Law (ITCL) and Article 7 of its Presidential Decree, a taxpayer having international transactions with a foreign related party must submit a report on the adopted transfer pricing methodology (TPM) to the district tax office having jurisdiction over the taxpayer when filing the annual corporate income tax return.
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