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Welcome to this guidance video. In the following section, we will explain how to file the foreign constituent entity information return, annexed form No. 55 under the enforcement rules of the international tax coordination act. The foreign constituent entity information return is an information return filed in Korea by a local constituent entity where a foreign constituent entity files a GloBE Information return in a jurisdiction in which Multilateral competent authority agreement on the exchange of GloBE information is activated. The filing obligation for the GloBE Information return may be waived only if all requirements are met and this return is filed. This can be illustrated as follow. If a foreign constituent entity does not file the GloBE Information Return(GIR) in its jurisdiction, the local constituent entity is required to file the GIR. From here each section of the foreign constituent entity information return will be explained in detail. However, where a foreign constituent entity files the GIR in its jurisdiction and the GIR MCAA is activated in that jurisdiction, the filing obligation for the GIR by the local constituent entity is waived. In such cases, the Foreign Constituent Entity Information Return should be filed by the local constituent entity. For instance, if a foreign constituent entity files the GIR in a jurisdiction where the GIR MCAA is not activated, the local constituent entity must file a GIR in Korea, not the Foreign Constituent Entity Information Return. From here, each section will be elaborated on in further detail. The first section requires details of the filing constituent entity submitting the return. The filing constituent entity provides its tax identification number, name, telephone number, e-mail, the name of its representative, and the address. The second section requires information about the MNE Group to which the filing constituent entity belongs. Next, this section provides the information on the MNE group to which the filing constituent entity belongs. If the language of the jurisdiction is not English, the filing constituent entity provided the English name of the MNE group. The third section requires information regarding the local constituent entities located in Korea. The information in the table must be reported as of the last day of the reporting fiscal year of the GloBE information return, or the last day before the entity left the MNE group. However the address should be reported as of the filing date of this return. If there is a designated local entity among the local constituent entities provided, the filing constituent entity enters “Yes” in item 15. The fourth section requires information on the Ultimate Parent Entity of the MNE Group. If the jurisdiction where the GloBE Information Return is filed issues a different TIN to the UPE, the filing entity must enter that TIN in Item 20. If the Ultimate Parent Entity files the GloBE Information Return in its jurisdiction of residence and the Korean tax authority is expected to receive the GloBE Information Return from that jurisdiction through exchange of information, the filing constituent entity enters [Yes] in Item 21. The fifth section requires the information regarding the designated foreign filing constituent entity. Where a designated foreign filing constituent entity other than the Ultimate Parent Entity files the GloBE Information Return in its jurisdiction of residence and the Korean tax authority is expected to receive the GloBE information return from that jurisdiction through exchange of information, the filing constituent entity completes Items 22 through 25. If the language of the jurisdiction of residence is not English, the filing constituent entity provides the address in English as well. In the sixth section, the filing constituent entity must provide the start and end dates of the reporting fiscal year of the GloBE Information Return related to the Foreign Constituent Entity Information Return. In the final section, the filing agent submitting the Foreign Constituent Entity Information Return must provide its own details. The Foreign Constituent Entity Information Return may be filed electronically through the Hometax or submitted in paper form by mail or in person at the tax office. However, if the return is submitted in paper form, please note that the English version is for reference only, and the filing constituent entity should use the Korean form for actual filing. This concludes how to file the the Foreign Constituent Entity Information Return. Thank you for watching