‘Obligation to report if you receive more than 500 million won in an overseas account’… Revision of Rep. Kyung-Sook Yang

Yang Gyeong-sook, a member of the Democratic Party, is inquiring at the National Assembly’s Planning and Finance Committee’s Daegu Regional Tax Office and the Daegu-Gyeongbuk-Pohang headquarters of the National Assembly held at the Daegu-Gyeongbuk headquarters of the Bank of Korea in Dongin-dong, Jung-gu, Daegu on the morning of the 20th. 2020.10.20/News1 © News1 Reporter Jeong Sik

Yang Gyeong-sook, a member of the National Assembly’s Planning and Finance Committee, announced on the 7th that it has proposed an amendment to the International Tax Adjustment Act (International Tax Adjustment Act), which grants reporting obligations to those whose total amount deposited in overseas accounts exceeds 500 million won.

The amendment is based on the obligation to report the amount of deposits in overseas accounts, from “when the balance of the overseas financial account on one day of the month exceeds the amount prescribed by Presidential Decree (500 million won)” to “the total amount of deposits in overseas financial accounts exceeds 500 million won for any one day”. If you’re corrected.

Rep. Yang Kyung-sook said, “Due to the recent Fourth Industrial Revolution, there are many cases where profits are directly paid from overseas companies, such as e-commerce and single media creators, without domestic and international borders.” “We have put in place a law to impose clear reporting obligations and enhance transparency in reporting.”

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