South Korea has become one of the first countries to implement the so-called “global minimum tax rule” this year, which aims to ensure companies pay at least 15 percent tax on corporate income, regardless of where they operate. The initiative aligns with international efforts to tackle tax avoidance by major corporations, as they often seek refuge in low-tax jurisdictions. Korea is one of about 20 nations.
NOTE: This blog post is intended for educational purposes only. Relevant parties should consider consulting a tax professional should any questions arise. Elective pay, also commonly referred to as “direct pay,” is a new mechanism included in.
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