South Korea Tax Agency Announces 2024 Global Minimum Tax Filing, Payment Requirements Under Pillar 2

The South Korean National Tax Service April 28 announced the 2024 global minimum tax filing and payment requirements under OECD Pillar Two. The announcement includes: 1) the June 30 deadline for domestic constituent entities of multinational enterprise (MNE) groups to file and pay global minimum tax and additional tax information returns; 2) that the qualified domestic minimum top-up tax (QDMTT), income inclusion rule (IIR), and undertaxed profits rule (UTPR) apply to MNEs with effective tax rates below the 15 percent global minimum rate; 3) that global minimum tax and additional tax information returns must be submitted electronically by domestic constituent ...