Express
South Korea IRS: Overseas Financial Accounts with a Balance of More than 500 Million Won, Including Virtual Assets, Need to be Reported From Next Year
Summary: According to a statement issued today by the Korea Internal Revenue Service, in order to prevent foreign virtual assets from becoming a means of tax evasion, starting next year, on the last day of each year, domestic residents or companies whose total balance of overseas financial accounts (including virtual assets on overseas exchanges) exceeds 500 ...
According to a statement issued today by the Korea Internal Revenue Service, in order to prevent foreign virtual assets from becoming a means of tax evasion, starting next year, on the last day of each year, domestic residents or companies whose total balance of overseas financial accounts (including virtual assets on overseas exchanges) exceeds 500 million won must report to the competent tax authority in June of the following year.
Violations of the obligation to report overseas financial accounts will be fined up to 20% of the unreported amount. If the unreported amount exceeds 5 billion won, it will be subject to criminal prosecution and disclosure review.
By Amy Liu
Tags: IRS,South Korea,Virtual Assets
Link: South Korea IRS: Overseas Financial Accounts with a Balance of More than 500 Million Won, Including Virtual Assets, Need to be Reported From Next Year [Copy]
