South Korea will introduce a minimum 15% corporate tax rate for multinational companies next year, following the approval by the National Assembly, Seoul’s finance ministry announced on Sunday. This move aligns with a global agreement aimed at curbing tax competition and preventing large multinational businesses from evading taxes. The new tax rules will apply to multinationals with annual revenues exceeding EUR750m (USD803m) and are in accordance with the Organisation for Economic Cooperation and Development’s Base Erosion and Profit Shifting 2.0 Pillar Two, endorsed by 143 countries. Approximately 200 multinational corporations operating in South Korea are expected to come under this new tax regime. The global deal, agreed upon in 2021, addresses tax challenges from the digitalisation and globalisation of the economy.