SELIM

Income Tax (Individual)

Local Compliance InformationIncome Tax (Individual)

Subject

Guidance on Voluntary Report for Non Registration overseas income and poverty

Writer

Manager

Date

2017-05-11

Hits

1,131

File

2015.10.07

Lim, Hyung Min. CTA

1. Tax reporter's income and asset.

-Non reported or underreporting income and poverty within legal registration date. ( It should be within exclusion period of imposition of national tax.)

< Tax reporter's Income • Asset >

1. Income occurred in overseas and international transaction according to the Law of Income Article 4, Clause 1.

2, Income occurred in overseas and international transaction according to the Law of Corporate Tax Article 3 Clause 1.

3. Poverty in overseas among inheritance according to the Law of Inheritance Tax and Gift tax.

4. Poverty in overseas among donated poverty according to the Law of Inheritance and Gift Tax Article 2, Clause 1. No.1

5. Povety to non resident by resident according to the Law of International Tax Adjustment Article 21.

6. Asset as overseas financial account according to the Law of International Tax Adjustment Article 34.

7. Statement of overseas affiliated company according to the Law of Corporate tax Article 121. No.2 or Income tax Article 165, No2

* Related law sentence [The Law of International Tax Adjustment ] enforcement ordinance Article 50.

2. Voluntary reporter related this.

- Resident and domestic corporation

- A person who get notification of tax investigation and get police investigation for tax evasion is excluded in tax report as follows, ( but even if get a notification for investigation if other subjects are not included in notification subject, those can be reported. )

< Excluder from a self-assessed tax payer >

1. A person who got the notification of penalty for non implement on registration for overseas financial account information according to the Law article 35 or underway investigation according to the law article 34 clause 2.

2. A person who got the notification of tax investigation according to the Law National Tax Standard No.7 from Article 81.

3. A person who is underway investigation on charges of tax evasion according to the Additional Punishment Law on Specific Crimes article 8 and Punishment of Tax Evaders Act regarding on national tax.

4. A person who got notification in advance on investigation according to the Foreign Exchange Transactions Act article 20 clause 3 or underway investigation on registration duty violation according to the Foreign Exchange Transactions Act.

* Related law sentence < the Law of International tax adjustment > enforcement 5 from article 50.

3. Period of registration and paying.

-2015.10.01 ~ 2016.3.31

Registration and paying should be implemented during this period.

-If registration and paying are not implemented during this period, exempt benefit for additional tax can not be admitted.

4. How to registrate

1) Filling in Voluntary Return and submitting.

Fill in “ Overseas Income and Poverty Voluntary Return” and “ A Standard of Assessment Reporting and Tax Amount Bill “.

Submit it to the local tax office in pay tax jurisdiction by mail or visiting.

2) Exempt notification of additional tax etc.

- Additional tax will be notified each person whether it is belong to or not.

- If you disagree with the notification on it you can raise objection to the Self Assessment Return Bureau within 15 days and result will be delivered within one month from raising objection date.

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