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Foreign financial account reporting system
작성자
Manager
조회수
54
날짜
2019-07-09
첨부파일

 

About the foreign financial accountreporting system

◈ Persons obligated to file a report

☞ Residents (including ⅰ & ⅱ) and domestic companies in Korea as of the last day of the year subject to reporting (2018).

ⅰ) Korean nationals residing abroad: Persons who have had their place of residence in Korea for more than 183 days in total from two years before the last day of the year subject to reporting

ⅱ) Foreigners: Persons who have had their domicile or place of residence in Korea for five years more than in total from 10 years before the last day of the year subject to reporting

▷If the nominal account holder does not match the actual account owner, both are obligated to file a report. In the case of jointly-held accounts, each of the respective joint owners of the account should file a report.

◈ Amount subject to reporting

☞ Where the sum of the balance of foreign financial accounts owned exceeded KRW 500 million on the last day of any month in the year subject to reporting (2018)

 

◈ Accounts subject to reporting

 

Matters to be reported

Accounts to be reported

Any of the following accounts opened at a foreign financial company:

① An account opened for banking services such as a savings account

② An account opened for trading securities (including overseas securities)

③ An account opened for trading derivatives (including foreign derivatives)

④ Other accounts opened for financial transactions

☞ Foreign financial accounts subject to reporting

 

 

Matters to be reported

Assets to be reported

All assets including cash, securities (including depository receipts), bonds, collective investment securities, insurance policies, etc. held in foreign financial accounts subject to reporting

◈ When and how to file a report

☞ Taxpayers subject to reporting should submit a report to the competent tax office or electronically file a report through Hometax (http://www.hometax.go.kr). The period for submitting a report is from June 1 through July 1, 2019.

 

◈ Penalties for unreporting or under-reporting

(Fine) A fine of up to 20 percent of the unreported (or under-reported) amount shall be imposed.

(Disclosure of personal information) Where the unreported (or under-reported) amount exceeds KRW 5 billion, the account owners personal information can be disclosed.

(Criminal penalties) Where the unreported (or under-reported) amount exceeds KRW 5 billion, the account owner may face imprisonment of not more than two years and/ or a fine of up to 20 percent of the unreported (or under-reported) amount.

 

◈ Reward for report

☞ A reward of up to KRW 2 billion is paid to a person who provided important information (e.g., account number, account balance) that helped uncover an unreported (or under-reported) overseas financial account.

* The reward is paid even if the recipient is also eligible for a reward for reporting tax evasion or tax defaulters hidden assets.


 

Source: National Tax Service 

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