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S. Koreans hold 61.5 tln won in overseas accounts

Economy 17:06 September 10, 2019

SEJONG, Sept. 10 (Yonhap) -- South Korean individuals and corporations held a combined 61.5 trillion won (US$51.5 billion) worth of wealth in overseas accounts this year, down 7.4 percent from a year earlier, the country's tax agency said Tuesday.

The National Tax Service said 696 corporate entities held 55.1 trillion won in June, compared with 551 companies with 59.5 trillion won in overseas accounts a year earlier.

The corporations held the largest amount, 14.81 trillion won, in their accounts in Japan, with their accounts in China and the United States following with 8.7 trillion won and 2.5 trillion won, respectively.

Meanwhile, the tax agency said 1,469 individuals held a combined 6.4 trillion won in overseas accounts in June, compared with 736 individuals with 6.9 trillion won in overseas accounts a year earlier.

The rise in the number of individuals who reported their overseas accounts came as the government lowered the minimum account balance required to report to the tax authorities to 500 million won from 1 billion won.

The voluntary report program, which began in 2011, is meant to reduce tax evasion using overseas financial accounts.

This photo provided by the National Tax Service shows its headquarters in Sejong, an administrative hub located 130 kilometers southeast of Seoul. (PHOTO NOT FOR SALE) (Yonhap)

entropy@yna.co.kr
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