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Korean Offshore News - Consult on Voluntary Disclosures 305-576-4242

May 10, 2016 - National Assembly’s Procrastination to Lead to Extra Taxes with Korea-US FTA
The National Assembly of South Korea is postponing the ratification of the Foreign Account Tax Compliance Act (FATCA) for the automatic exchange of South Korean and U.S. taxpayers’ financial information. Under the circumstances, South Korean financial companies are about to be forced to pay more than 600 billion won (US$521 million) in extra tax in the United States.

March 13, 2014 - S. Korea to get access to U.S. financial data on its nationals
Currently, Seoul and Washington have broadly reached an agreement on FATCA with only the wording and other technical issues left to be resolved. The act is expected to be signed in July and go into effect in September next year, the officials said.

August 30, 2012 - South Koreans Declare Their Offshore Accounts
As the South Korean National Tax Service (NTS) continues to strengthen its information gathering resources, declarations by both individuals and companies of foreign financial accounts have increased sharply.

July 13, 2012 - Korea to gain access to Swiss bank accounts
The Ministry of Strategy and Finance said that Korea and Switzerland have agreed to revise a double-taxation avoidance deal and that the revised treaty will become effective from July 25.

November 16, 2011 - Samsung in talks to hire senior U.S. IRS official
The Korean firm is negotiating employment terms with Victor Song, the chief of the IRS Criminal Investigation, for a senior position on the compliance team at the U.S. unit of Samsung Electronics, a company spokesman said by phone.

June 13, 2011 - S. Korea ramps up efforts to detect offshore tax evaders
The NTS said agreements have been reached with Switzerland and Malaysia to better exchange information on financial data, with negotiations underway with Hong Kong to permit information cooperation for the purpose of finding illegal tax evaders.

May 12, 2011 - What to Know About the IRS in Asia.
In 2007, the U.S. Internal Revenue Service started cracking down on Americans hiding assets in Swiss bank accounts, and since then authorities have noted a trail of capital flowing from Europe into accounts in Hong Kong and elsewhere in Asia. Now, the IRS is bulking up its presence in Asia, and those who sought tax refuge in the region are coming under increased scrutiny.

May 3, 2011 - Advising Clients About the 2011 Offshore Amnesty Program
Advising clients about the 2011 OVDI and offshore enforcement update.

April 17, 2011 - Got Income from Land, Property or Account in India?
"The UBS case has essentially become a template for actions against other offshore banks," Miami based attorney, Teig Lawrence, told India Abroad.

April 15, 2011 - Profiled: Illegal Offshore Account Holders
Nearly a half-million Americans have a painful decision to make by Aug. 31 — admit to the IRS that they’ve been hiding secret offshore bank accounts, or take their chances that the government won’t find out and possibly send them to jail.

April 13, 2011 - Offshore tax evasion
The National Tax Service said it caught 41 cases of offshore tax evasion this year’s first quarter and levied 474.1 billion won (434 million dollars) in penalties.

April 12, 2011 - War on tax evasion
Tax authorities have just begun to make some progress in a fight against tax evaders who stashed away massive wealth abroad. The National Tax Service (NTS) recently uncovered the country’s largest single offshore tax evasion scheme and imposed 410 billion won ($372 million) in penalty taxes on a tycoon possessing more than 10 trillion won ($9 billion) in assets.

February 11, 2011 -Korean tax authorities to get more aggressive on offshor
The National Tax Service (NTS) in Korea will create a permanent division responsible for investigating offshore tax non-compliance.

February 9, 2011 - IRS Sets Offshore Amnesty, Part !!
The new program, called the Offshore Voluntary Disclosure Initiative, follows an earlier limited amnesty that ran from March 2009 to October of that year. More than 15,000 taxpayers stepped forward to confess to holding offshore accounts, the IRS said, many more than the 1,000 cases the agency expected.

February 2, 2011 - Tax investigator named for overseas probes
The National Tax Service (NTS) said Monday it was making the Offshore Compliance Enforcement Center (OCEC), which investigates illegal capital outflow and overseas tax evasion, a permanent entity.

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