Korea increases maximum penalty for non-compliance in a transfer pricing audit by more than 230%
January 19, 2011
Sophie Ashley - TPW
The maximum fine for a Korean taxpayer’s non-compliance in a transfer pricing audit has been increased from W30 million ($27,000) to W100 million.
The change was part of tax reform proposals, submitted by the Ministry of Strategy and Finance and approved by the National Assembly, in December last year.
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