South Korea’s National Tax Service (NTS) said on Tuesday it will begin accepting global minimum tax filings from multinational enterprise groups starting May 1, marking the first implementation phase of the new international tax regime. The filings, due by June 30, will apply to around 2,547 multinational groups and 10,188 domestic entities, effectively covering most large corporations operating in the country.

The Global Minimum Taxrequires multinational groups with annual revenue exceeding $878 million to pay at least a 15% effective tax rate regardless of where profits are booked. Under the rules, Korean parent companies must report and pay additional