June 11, 2015 12:33
The National Tax Office will be automatically informed of all U.S. bank accounts held by Korean citizens containing more than US$10,000 as of September this year.
At present the NTS has to ask the U.S. tax authorities if it wants to obtain information on certain accounts Koreans hold.
Vice Minister of Strategy and Finance Joo Hyung-hwan and U.S. Ambassador to Korea Mark Lippert on Wednesday signed a pact requiring both governments to exchange banks account information held by their respective citizens.
Seoul will receive information by September of each year regarding all U.S. bank accounts held by Koreans that collect annual interest of more than $10, as well as information on income received by Koreans overseas.
The amount is the minimum interest U.S. banks pay on accounts containing at least $10,000.
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