South Korea Notes New Pillar 2 Global Minimum Tax Requirements and Launch of International Tax Response Team

South Korea's National Tax Service has issued a release on the new Pillar 2 global minimum tax (GMT) requirements (previous coverage). The release confirms the GMT requirements are enforced from 1 January 2024 and announces the launch of a new international tax response team that will administer the GMT and take part in discussions for the implementation of the Pillar 1 rules for the reallocation of taxing rights. The release also notes that the GMT rules apply for MNE groups exceeding a con…