Holders of Unreported Offshore Bank Accounts Fined

  • By Ahn Joong-hyeon

    September 11, 2020 13:18

    The National Tax Service has fined 18 individuals and corporations W12.4 billion for failing to report offshore bank accounts in the first half of this year.

    It also filed criminal complaints against nine of them whose unreported offshore accounts hold more than W5 billion each, according to a press release Thursday (US$1=W1,188).

    Residents must report to the tax office by June the following year if the total balance of their offshore accounts exceeds W500 million on any single day in a month. The obligation has been in effect since 2011.

    If they fail to do so, they can be fined up to 20 percent of the unreported amount, and if it exceeds W5 billion, criminal charges can be brought and their names made public.

    According to the NTS, 2,685 individuals and corporations reported W59.9 trillion in 18,566 overseas bank accounts in the first half of the year. Their number increased a whopping 24.9 percent on-year, but the total amount dwindled by W1.6 trillion.

    Their number rose because the threshold for account holdings that must be reported was lowered from W1 billion to W500 million.

    Most of the individuals' money was in the U.S. with W3.3 trillion, followed by Japan (W1.5 trillion) and Singapore (W700 billion). But among corporations most of the money was in Japan with W15.3 trillion, followed by China (W7.6 trillion) and Hong Kong (W5.1 trillion). 

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