Introduction of Contemporaneous Documentation Requirements and Transfer Pricing Penalties
- T-H. Kim; B.Y. Jung
- International Transfer Pricing Journal, 2009 (Volume 16), No 3
- 1 May 2009
Effective 26 December 2008, Korea introduced for the first time contemporaneous transfer pricing documentation requirements and documentation-related penalty rules in the Law of the Coordination of International Tax Affairs. A related Presidential Decree provides details regarding the new documentation requirements and penalty rules. This article considers the new law and the guidance provided by the Presidential Decree, and analyses their impact on taxpayers.