NTS deadline for reporting overseas accounts is June 30

Home > Business > Economy

print dictionary print

NTS deadline for reporting overseas accounts is June 30

The National Tax Service (NTS) said Tuesday that any Korean with more than 1 billion won ($894,000) in an offshore account must report it to the tax agency by the end of this month.

According to the NTS, last year 774 people reported offshore accounts totaling 24.3 trillion won.

Those who fail to report overseas accounts will face a fine of 10 percent of the unreported amount.

In addition to the fine, those who have more than 5 billion won in an unreported offshore account face could be sentenced to jail for as long as two years.

More in Economy

Gangbuk beats Gangnam

600,000 jobs added last year, but many public or welfare

Consumer price gains pick up speed in November

Life expectancy up 7 months for Koreans born in 2019

OECD knocks tenth of a point off Korea's 2020 growth

Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)

What’s Popular Now