Rich to Declare Overseas Bank Accounts

      June 05, 2013 12:03

      Individuals or companies that have more than W1 billion in an overseas bank account for even a single day over the past year must report it to the National Tax Service by July 1 (US$1=W1,124).

      The NTS will for the first time reveal the names of individuals or companies that fail to declare their overseas bank accounts or whose accounts contain over W5 billion more than the amount they declare.

      Those who either fail to declare the accounts within the period or claim to have deposited less than the actual amount will be fined up to 10 percent of the amount in their accounts.

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