AMCHAM Taxation Committee Meeting
|►DATE||Thursday, June 7, 2018|
|►TIME||7:30am - 8:00am: Registration / Networking
8:00am - 9:30am: Breakfast / Presentation / Q&A
|►VENUE||Grand Hyatt Seoul, Namsan V (2nd Fl.)|
Foreign Attorney, Kim & Chang
Kyu Won Yang
Tax Attorney/CPA, Kim & Chang
|►TOPIC||Korean Foreign Bank and Financial Accounts Reporting Obligations|
|►COST||KRW43,000 for members
KRW63,000 for non-members
|►RSVP/PAYMENT BY||Noon, Tuesday, June 5, 2018
*No refunds for cancellations made after this date and time.
*For walk-ins, additional KRW10,000 will be charged.
|►CONTACT||(email) email@example.com, (phone) 82.2.6201.2229|
|ABOUT THE SPEAKERS|
Sean Kahng is a foreign attorney at Kim & Chang. Mr. Kahng’s major areas of practice include international tax planning and controversies, and international trade.
Prior to joining Kim & Chang, Mr. Yang had served many clients in a wide range of industries, both domestic and international at Korean member firm of Deloitte Touche and Arthur Andersen & Co. for 13 years as a tax manager/tax partner.
|MESSAGE FROM CO-CHAIRS|
Dear AMCHAM members,
Tax residents in Korea who have financial accounts with foreign (non-Korean) financial institutions may have an obligation to file a Report of Foreign Bank and Financial Accounts (“K-FBAR”) with the National Tax Service. The reporting obligation is triggered if the aggregate balance in the foreign financial accounts exceeded KRW 1 billion on the last day of any month in 2017. The deadline for filing the 2017 K-FBAR is June 30, 2018.
From calendar year 2018, the reporting obligation is triggered if the aggregate balance in the foreign financial accounts exceeds KRW 500 million on the last day of any month of the year.
Exemption: US citizens, and citizens of other countries, who have been residing in Korea for 5 years or less in aggregate during the last 10 years as of the end of the calendar year concerned are exempt from the reporting requirement even if they meet the applicable threshold.
To help our members understand the K-FBAR requirements and possible obligations, the Amcham Taxation Committee has invited Kyu-Won Yang and Sean Kahng who practice extensively in this field to provide an overview of the K-FBAR. The session will include: (i) an overview of statutory and regulatory K-FBAR requirements; (ii) a review of potential penalties for non-compliance; (iii) an update on recent developments; and (iv) examples of K-FBAR cases.
Please join us in what should be a very informative and interesting discussion.
AMCHAM Taxation Committee Co-Chairs
Henry An, Jay Shim and Sim Seo
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