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S. Koreans hold 11.48 tln won in overseas accounts
제목 없음 South Korean individuals and corporations held a combined 11.48 trillion won (US$10.7 billion) worth of wealth in overseas accounts last year, the nation's tax agency said Wednesday.

   Individuals held a total of 975.6 billion won in 768 accounts and corporate entities held 10.51 trillion won in 4,463 accounts, according to the National Tax Service (NTS).

   The figures were based on a voluntary report last June by people who owned 1 billion won or more in deposits, stocks and other forms in overseas accounts for at least one day last year.

   It was the first time that the nation has enforced the voluntary report program, which was intended to reduce tax evasion using overseas financial accounts.

   Of individuals, 408 accounts were based in the United States with 4,973 billion won held there. Singapore, Japan and Hong Kong followed with 150.9 billion won, 79.5 billion won and 65.3 billion won, respectively, according to the tax agency.

   Corporations held the largest amount, 1.78 trillion won, in Malaysia, with the United Arab Emirates, Singapore and the U.S. following with 1.44 trillion won, 1.23 trillion won and 791.7 billion won.

   Meanwhile, the NTS said that it has launched an investigation into 38 people suspected of evading taxes on overseas investments by not reporting their wealth in overseas accounts.

Source: Yonhap News (August 31, 2011)

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