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S. Korea: Gov't to Intensify Rules on Overseas Financial Accounts |
| Source: |
english.yonhapnews.co.kr |
| Source Date: |
Monday, August 19, 2013 |
| Focus: |
Electronic and Mobile Government, Citizen Engagement, Internet Governance
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| Country: |
Korea (Republic of) |
| Created: |
Aug 20, 2013 |
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South Korea's financial ministry said Monday it plans to tighten rules on overseas financial accounts held by its nationals in a bid to crack down on tax evasions and root out illegal deeds.
South Koreans with overseas financial accounts worth more than 1 billion won (US$898,876) will be obligated to report their overseas assets and their sources starting next year, according to the Ministry of Strategy and Finance.
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S. Korea: Gov't to Intensify Rules on Overseas Financial Accounts South Korea's financial ministry said Monday it plans to tighten rules on overseas financial accounts held by its nationals in a bid to crack down on tax evasions and root out illegal deeds
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