On May 29, SK Tax issued a reminder on reporting overseas accounts.
SK Tax said overseas financial accounts with cash, stocks, bonds, virtual assets exceeding KRW 500mn on last day of a month in 2024 must be reported by Jun. 30.
Follows SK Tax May 2024 reminded of reporting on overseas accounts, see #214225.
Outline of Reporting
SK Tax noted that even though account holders filed a report in 2024, they must do it again where the balance of overseas financial accounts exceeded KRW 500mn in 2024.
Those violating the reporting obligation may face a penalty surcharge equivalent to 10% of the unreported amount (up to KRW 1bn); where the unreported amount exceeds KRW 5bn, criminal punishment and disclosure of violators may be imposed.
SK Tax said that overseas virtual asset accounts are subject to reporting since 2023.
