제목 없음NTS
Notice No. 2007-2
Summary
Income Statement of a Foreign Related Party
This
is to notify that under Article 6 (2) of the Enforcement Rule on the Law
for the Coordination of International Tax Affairs, taxpayers are required
to submit a summary income statement when filing income tax returns.
February
9, 2007
Commissioner
National
Tax Service of the Republic of Korea
When
filing income tax returns under Articles 70-74 of the Income Tax Law,
and Article 60 (1) of the Corporation Tax Law, "residents, companies
both Korean and foreign, and PEs in Korea owned by non-residents" are required
to provide a condensed income statement of its foreign related party/parties
(which include overseas headquarters of PEs in Korea as well as PEs in other
countries of the said headquarters).
However,
submission of the above income statement may be waived when:
(1) The
value of the international transaction (i.e., the sum of purchases and sales)
that occurred with a foreign related party is less than 1 billion KRW, and when
the personal services portion, both rendered and received, of the value accounts
for less than 100 million KRW; or
(2) The
foreign subsidiary\'s business profile and abridged financial statement have
been submitted.
【Attachment】Condensed
Income Statement of a Foreign Related Party
Appendix
Article
1 (Date of Enforcement) This Notice shall enter into force on the date of
the notification.
Article
2 (General Application) This Notice shall apply to all tax returns filed
after the date of enforcement.
Article
3 (Abolition of Previous Notification) With the enforcement of this Notice,
the previous Notice (NTS Notice No. 2005-1, January 11, 2005) shall be abolished.
