Hiding crypto could bring a fine?…Why you must report overseas financial accounts by June

Key points in 3 lines

1. The National Tax Service has reiterated that overseas financial accounts exceeding 500 million won, including overseas virtual asset accounts, must be reported by June 30.
2. Residents and domestic corporations whose month-end balance exceeded 500 million won even for a single day in 2024 are subject to the requirement, and reports can be filed via Hometax, Sontax, or a tax office.
3. Failure to report will incur a fine of 10% of the unreported amount (up to 1 billion won), and for amounts exceeding 5 billion won, criminal punishment and public disclosure of personal information are also possible.

Written by our reporter · 3-line summary by Koto, The Korean Today's AI assistant · 88 languages ⓘ