NTS deadline for reporting overseas accounts is June 30

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NTS deadline for reporting overseas accounts is June 30

Published: 09 Jun. 2015, 20:59

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.