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All about South Korea => Life in Korea => Topic started by: hangook77 on March 28, 2022, 11:23:52 am

Title: Korea is now checking tax and debt obligations in foreign countries now?
Post by: hangook77 on March 28, 2022, 11:23:52 am
Korea is now checking tax and debt obligations in foreign countries now?  This country is getting lamer by the minute.  Now they got this George Orwellien 1984 Gestapo KGB spying on your private crap?  WTF?  this country deserves to lose foreign teachers en mass.  I did repay my student loans, though I feel sorry for those that didn't.  I assume they are going to be really screwed by this.  Just got a message from my bank saying they have to check with the Korean tax service to see if I owe tax to other countries.  Seriously, what is happening to this country?  More and more bs?  Are there still people coming here?  Use to be this country left you alone and really didn't micro manage you in anyway.  Must be this globalist agenda 21 stuff.....
Title: Re: Korea is now checking tax and debt obligations in foreign countries now?
Post by: kevingrabb on March 28, 2022, 12:05:50 pm
What are you talking about?
Title: Re: Korea is now checking tax and debt obligations in foreign countries now?
Post by: D.L.Orean on March 28, 2022, 12:13:26 pm
What are you talking about?

https://en.wikipedia.org/wiki/Agenda_21 (https://en.wikipedia.org/wiki/Agenda_21)

Quote
The extremist John Birch Society described Agenda 21 as a "secret plot" disguised as an environmental movement to "crush freedom", and "worldwide dictatorship."

Glenn Beck, warned that Agenda 21 was a "seditious" conspiracy to cut the world population by 85%. It representing a move towards "government control on a global level" and the creation of a "police state" that would lead to "totalitarianism." Beck described the dystopia it would cause if the world followed the UN plan, in a 2012 novel he co-authored called Agenda 21.
Title: Re: Korea is now checking tax and debt obligations in foreign countries now?
Post by: Kyndo on March 28, 2022, 12:32:42 pm
Korean banks -- specifically Nong Hyeop -- are sending notices to their foreign customers asking that foreign residents give the banks permission to report earnings and taxes in Korea to their home countries. It's like the American FATCA document.
Banks here do this every couple of years, (or at least, NH does).
It allows the banks to report your income to your home country and to check that you are not unintentionally breaking international banking/tax laws and get zinged when you get back home.
These forms are something that a lot of countries have their foreign residents do: it's just smart banking practice, and is entirely to our benefit.

In my experience you can ignore the message without any repercussions (in Korea), although it's probably smarter to go talk to your bank about it.

Title: Re: Korea is now checking tax and debt obligations in foreign countries now?
Post by: hangook77 on March 28, 2022, 12:39:46 pm
Korean banks -- specifically Nong Hyeop -- are sending notices to their foreign customers asking that foreign residents give the banks permission to report earnings and taxes in Korea to their home countries. It's like the American FATCA document.
Banks here do this every couple of years, (or at least, NH does).
It allows the banks to report your income to your home country and to check that you are not unintentionally breaking international banking/tax laws and get zinged when you get back home.
These forms are something that a lot of countries have their foreign residents do: it's just smart banking practice, and is entirely to our benefit.

In my experience you can ignore the message without any repercussions (in Korea), although it's probably smarter to go talk to your bank about it.



Been here for years, first I ever heard of this.  Never got a message before like this.  I have nothing to hide and I did repay my student loans (back when Korea use to pay a good salary to it's foreign teachers).  But, I think some punk slagging off and defaulting on their student loans to the government will probably get tracked down now and be screwed.  Either way, it's the principle of the thing and I think it is dangerous over reach and surveillance.  There use to be a freedom here where there weren't many rules or they were ignored. 
Title: Re: Korea is now checking tax and debt obligations in foreign countries now?
Post by: Kayos on March 28, 2022, 12:42:13 pm
What are you talking about?

I actually got this message myself. Or something to that effect.
I got a message from my former co-teacher, that says that I have to go to the bank as they need to check my tax obligations and debt from back in NZ or something.
Even she wasn't too sure what it was about.
Title: Re: Korea is now checking tax and debt obligations in foreign countries now?
Post by: Kyndo on March 28, 2022, 12:47:05 pm
Been here for years, first I ever heard of this.  Never got a message before like this.  I have nothing to hide and I did repay my student loans (back when Korea use to pay a good salary to it's foreign teachers).  But, I think some punk slagging off and defaulting on their student loans to the government will probably get tracked down now and be screwed.  Either way, it's the principle of the thing and I think it is dangerous over reach and surveillance.  There use to be a freedom here where there weren't many rules or they were ignored. 
These notices are helping foreign residents not get in trouble with tax laws in their home countries.
Think of it as Korean banking/tax practices synchronizing with those of our home countries with the end result being that fewer foreigners will face hefty fines / criminal charges when they go back home.
If there's over-reach and surveillance, it's on the part of those countries that are pressuring Korean banks to do this: Korean banks are saddled with all this extra work from which they don't benefit in any way.

In any case, feel free to ignore them: you won't get in trouble with any Korean institution.  :smiley:
Title: Re: Korea is now checking tax and debt obligations in foreign countries now?
Post by: pkjh on March 28, 2022, 12:47:15 pm
I got the message a couple years ago. Ignored it, nothing happened. I don't think my income of 30 million won/years warrants a team of tax auditors to seek me out in Korea for unpaid taxes.
Title: Re: Korea is now checking tax and debt obligations in foreign countries now?
Post by: 745sticky on March 28, 2022, 03:15:51 pm
I got the message a couple years ago. Ignored it, nothing happened. I don't think my income of 30 million won/years warrants a team of tax auditors to seek me out in Korea for unpaid taxes.

depends on your home country, the IRS absolutely has the time to waste and the willpower to waste it
Title: Re: Korea is now checking tax and debt obligations in foreign countries now?
Post by: gogators! on March 30, 2022, 12:04:14 am
depends on your home country, the IRS absolutely has the time to waste and the willpower to waste it
It's not wasted if you owe them money.  It is screwed up that the US wants to collect taxes on income earned overseas while letting many at home avoid paying their fair share.
Title: Re: Korea is now checking tax and debt obligations in foreign countries now?
Post by: 745sticky on March 30, 2022, 07:35:41 am
It's not wasted if you owe them money.  It is screwed up that the US wants to collect taxes on income earned overseas while letting many at home avoid paying their fair share.

maybe not technically "wasted" but it could certainly be better spent. unfortunately its easier to go after chump change than tax actual corporations
Title: Re: Korea is now checking tax and debt obligations in foreign countries now?
Post by: KoreaBoo on March 30, 2022, 01:01:29 pm
Korea is now checking tax and debt obligations in foreign countries now?  This country is getting lamer by the minute.  Now they got this George Orwellien 1984 Gestapo KGB spying on your private crap?  WTF?  this country deserves to lose foreign teachers en mass.  I did repay my student loans, though I feel sorry for those that didn't.  I assume they are going to be really screwed by this.  Just got a message from my bank saying they have to check with the Korean tax service to see if I owe tax to other countries.  Seriously, what is happening to this country?  More and more bs?  Are there still people coming here?  Use to be this country left you alone and really didn't micro manage you in anyway.  Must be this globalist agenda 21 stuff.....]



I find this very interesting.   I suspect a significant percentage (and by that I mean the majority) of people here are either fleeing their debt or have *really* bad credit back home that they cannot find an employer willing to take them on.  I met quite a few people with some very significant issues back home they were here trying to sort out...but it never seemed to get sorted.  However, if this is true, I look forward to the postings about how 'unfair' it is.   I'll have make sure I have popcorn ready.

Next time....pay your bills. 

Title: Re: Korea is now checking tax and debt obligations in foreign countries now?
Post by: gogators! on March 30, 2022, 07:43:30 pm
maybe not technically "wasted" but it could certainly be better spent. unfortunately its easier to go after chump change than tax actual corporations
Agreed.