Korea - US Agreement on Automatic Exchange of Tax Information


The Ministry of Strategy and Finance announced that Korea has signed a treaty agreeing to exchange tax related information with the US Department of Commerce starting in 2015. Key elements of the agreement are as follows:




Accounts information

of individuals

▪ US bank accountsheld by

Koreans accruing more than

US$10 in annual interest

▪ Other bank accountsrelated to US


▪ Financial accounts containing

over US$50,000 (Savings

worth more than US$250,000

deposited in insurance companies)

Accounts information


▪ US source income related

financial accounts

▪ Financial accounts containing

over US$250,000 (no limits for

new accounts opened after

enforcement of the agreement)

Other information

to be exchanged

▪Interests, dividends, and other


▪Interests, dividends, other

income, and account balances

Financial institutions

to participate

▪Banks, investment banks, insurance companies, etc.

▪ Government entities, central banks, international organizations, and public

pension funds are excluded.


Method of exchange

▪ Tobedetermined between tax authorities.

When to exchange

▪ Previous year information will be exchanged by September 30

of the following year (beginning in 2015).

Identification of

account holder

▪ To be identified by using information on nationality, address, place of birth,

telephone numbers, etc.


























The foregoing agreement will be effective after the agreement is formally signed by both countries and ratified by the national assembly.