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Jurisdictions should ensure that ownership and identity information for all relevant entities and arrangements is available to their competent authorities. (ToR A.1)
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| Determination | Factors | Recommendations |
| The element is in place, but certain aspects of the legal implementation of the element need improvement. | Identity of holders of bearer shares is not available in all situation in Korea. | Korea should make sure that information pertaining to holders of bearer shares is available to its authorities in all circumstances |
| Phase 2 Rating | Factors | Recommendations |
| Largely Compliant. | ||
Jurisdictions should ensure that reliable accounting records are kept for all relevant entities and arrangements. (ToR A.2)
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| Determination | Factors | Recommendations |
| The element is in place. | For trustees of personal trusts, Korea’s legislation does not clearly prescribe that underlying documentation must be maintained. | For trustees of personal trusts, Korea’s legal framework should clearly provide that underlying documentation must be maintained. |
| Phase 2 Rating | Factors | Recommendations |
| Compliant. | ||
Banking information should be available for all account-holders. (ToR A.3)
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| Determination | Factors | Recommendations |
| The element is in place. | ||
| Phase 2 Rating | Factors | Recommendations |
| Compliant. | ||
Competent authorities should have the power to obtain and provide information that is the subject of a request under an exchange of information arrangement from any person within their territorial jurisdiction who is in possession or control of such information (irrespective of any legal obligation on such person to maintain the secrecy of the information). (ToR B.1)
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| Determination | Factors | Recommendations |
| The element is in place. | ||
| Phase 2 Rating | Factors | Recommendations |
| Compliant. | ||
The rights and safeguards (e.g. notification, appeal rights) that apply to persons in the requested jurisdiction should be compatible with effective exchange of information. (ToR B.2)
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| Determination | Factors | Recommendations |
| The element is in place. | ||
| Phase 2 Rating | Factors | Recommendations |
| Compliant. | ||
Exchange of information mechanisms should provide for effective exchange of information. (ToR C.1)
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| Determination | Factors | Recommendations |
| The element is in place. | ||
| Phase 2 Rating | Factors | Recommendations |
| Compliant. | ||
The jurisdictions' network of information exchange mechanisms should cover all relevant partners. (ToR C.2)
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| Determination | Factors | Recommendations |
| The element is in place. | Korea should continue to develop its exchange of information network with all relevant partners. | |
| Phase 2 Rating | Factors | Recommendations |
| Compliant. | ||
The jurisdictions' mechanisms for exchange of information should have adequate provisions to ensure the confidentiality of information received. (ToR C.3)
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| Determination | Factors | Recommendations |
| The element is in place. | ||
| Phase 2 Rating | Factors | Recommendations |
| Compliant. | ||
The exchange of information mechanisms should respect the rights and safeguards of taxpayers and third parties. (ToR C.4)
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| Determination | Factors | Recommendations |
| The element is in place. | ||
| Phase 2 Rating | Factors | Recommendations |
| Compliant. | ||
The jurisdiction should provide information under its network of agreements in a timely manner. (ToR C.5)
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| Determination | Factors | Recommendations |
| The assessment team is not in a position to evaluate whether this element is in place, as it involves issues of practice that are dealt with in the Phase 2 review. | ||
| Phase 2 Rating | Factors | Recommendations |
| Compliant. | ||
Earlier self-assessment based annual reports entitled Tax Co-operation 2010: Towards a Level Playing Field are also available.