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South Korea Changes Reporting Guidelines for Foreign Exchange Transactions (Bristol, UK) - South Korea recently amended the reporting guidelines for foreign exchange transactions, reports Nair & Co. International Tax Compliance Services Team. The Ministry of Strategy and Finance (MOSF) of South Korea has set forth the following provisions in a way to strengthen the administration related to foreign exchange transactions and prevent tax avoidance. Following are major highlights of the updated regulations:  

Foreign exchange transactions may be reported to commercial banks, rather than the Bank of Korea, when transactions involve only the net amounts. Foreign exchange transactions that must be reported include:  Capital increases.  Sales of overseas subsidiaries (including their establishments).  Investments of holding companies in subsidiaries. Foreign Exchange transactions exempt from reporting duties include:  Net settlements of less than USD 1,000.  Payments to third parties.  Settlement practices used in the global market.  Certain small transactions.

In addition, details of foreign exchange transactions will be shared among government agencies to help prevent overseas tax evasion and illegal transactions. Companies carrying out international transactions may consider updating their internal systems for complying under the new foreign exchange transaction reporting mechanism. For more information about doing business overseas or to know more about our Global transfer pricing services please contact Nair & Co.. Subscribe to regular global tax compliance alerts from Nair & Co. International Business Guide (IBG) is our online platform for companies wishing to optimize their multinational operations and would like to have specific business information for doing business in a particular country - Click Here. Get the latest news releases and updates on international tax, HR, Finance, compliance and other legal news at Nair & Co. Industry Alerts.

About Nair & Co. Nair & Co., the leader in international business expansion services, provides accounting, HR, legal, tax and compliance services for the set up and management of your international operations. Our model of a single-pointof-contact, supported by internal teams of experienced advisors, helps clients expand business and manage risk so they can focus on their core business and sustain growth with minimal risk, stress and cost. We support nearly 250 clients in over 70 countries. Nair & Co. is headquartered in Bristol, UK, has 450 employees and offices in China, India, Japan, Singapore, and the US. Learn more at Media Contacts For media enquiries or to learn to more about Nair & Co., please email us at or call Yvonne Smith at +1.408.501.8867 Learn more on: Importance of Global Payroll Services

South Korea Changes Reporting Guidelines for Foreign Exchange Transactions