South Korea: Amendments to CRS rules

South Korea: Amendments to CRS rules

Amendments made in June 2020 to the common reporting standard (CRS) rules in South Korea include:

  • An updated method for calculating the normal price (Article 5)
  • An updated section on the procedure of adjustment of taxation on international transaction prices (Article 10.3),
  • A provision that a reporting entity that fails to report, or underreports, foreign financial account information by the reporting deadline, can be required to submit the source of the amount not reported or the underreported amount at the request of the competent tax authority (Article 34-3)
  • An updated section on penalties charged for non-compliance with the obligation to report an overseas financial account (Article 35)

Read a June 2020 report [PDF 97 KB] prepared by the KPMG member firm in South Korea

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