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  • hangook77
  • Waygook Lord

    • 5501

    • September 14, 2017, 09:10:12 am
    • Near Busan
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.....
« Last Edit: March 28, 2022, 12:09:39 pm by Kyndo »
745sticky, Augustiner, Bakeacake, D.L.Orean, Lazio, Mithras, Renma, Rye are losers who are blocked.  Good riddance to them. They will still be in Korea 10 years from now unless they are retired.  Either way, they will be poor since all they know how to do is troll rather than work for something more


What are you talking about?


  • D.L.Orean
  • Expert Waygook

    • 985

    • February 25, 2020, 09:34:41 am
What are you talking about?

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.


  • Kyndo
  • Moderator LVL 1

    • I am a geek!!

    • March 02, 2027, 11:00:00 pm
    • Gyeongsangbuk-do
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.

« Last Edit: March 28, 2022, 12:41:01 pm by Kyndo »


  • hangook77
  • Waygook Lord

    • 5501

    • September 14, 2017, 09:10:12 am
    • Near Busan
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. 
745sticky, Augustiner, Bakeacake, D.L.Orean, Lazio, Mithras, Renma, Rye are losers who are blocked.  Good riddance to them. They will still be in Korea 10 years from now unless they are retired.  Either way, they will be poor since all they know how to do is troll rather than work for something more


  • Kayos
  • The Legend

    • 2401

    • March 31, 2016, 07:13:57 pm
    • NZ
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.


  • Kyndo
  • Moderator LVL 1

    • I am a geek!!

    • March 02, 2027, 11:00:00 pm
    • Gyeongsangbuk-do
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:
« Last Edit: March 28, 2022, 12:49:40 pm by Kyndo »


  • pkjh
  • The Legend

    • 2312

    • May 02, 2012, 02:59:44 pm
    • Asia
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.


  • 745sticky
  • The Legend

    • 2243

    • March 26, 2020, 01:52:57 pm
    • Korea
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


  • gogators!
  • Waygook Lord

    • 6143

    • March 16, 2016, 04:35:48 pm
    • Seoul
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.


  • 745sticky
  • The Legend

    • 2243

    • March 26, 2020, 01:52:57 pm
    • Korea
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


  • KoreaBoo
  • Expert Waygook

    • 703

    • May 25, 2014, 04:00:42 pm
    • Vancouver Island
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. 

« Last Edit: March 31, 2022, 04:34:14 am by KoreaBoo »


  • gogators!
  • Waygook Lord

    • 6143

    • March 16, 2016, 04:35:48 pm
    • Seoul
maybe not technically "wasted" but it could certainly be better spent. unfortunately its easier to go after chump change than tax actual corporations
Agreed.