South Korea Tax Agency Explains 2018 International Corporate Tax Law Amendments

The South Korean National Tax Service Feb. 5 explained amendments to the 2018 international corporate tax laws. The explanation clarified that: 1) multinational companies can deduct up to 30 percent of their net interest expenses for tax periods beginning on or after Jan. 1, 2019; and 2) administrative fines increased to 30 million South Korean won (US$25,342) from 10 million won (US$8,447) per report for false reporting of country-by-country reports (CbC), effective from Feb. 13, 2018. [South Korea, National Tax Service, 02/05/20]

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