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International Tax Agreement Between Korea and the United States

Article 2: Reporting Requirements for Financial Institutions

Summary

This article outlines the reporting requirements for Korean Financial Institutions (KFI) and U.S. Financial Institutions (USFI) regarding certain accounts held by non-resident account holders.

Reporting Requirements

• KFI must report:
  • The name, address, and Taxpayer Identification Number (TIN) of account holders who are residents of Korea.
  • Account numbers or functional equivalents.
  • Gross amounts of interest paid on Depository Accounts.
  • Other gross proceeds from the sale or redemption of financial assets.
• USFI must report:
  • The name, address, and TIN of account holders who are U.S. persons.
  • Account numbers or functional equivalents.
  • Gross amounts of interest paid on Depository Accounts.
  • U.S.-source dividends paid or credited to the account.
  • Other U.S.-source income paid or credited to the account.

Article 3: Exchange of Information

Summary

This article outlines the procedures for exchanging information between Korea and the United States in accordance with the agreement.

Key Provisions

• The exchange of information will be done in accordance with the agreement.
• For purposes of the exchange obligation, the amount and characterization of payments made with respect to a U.S. Reportable Account may be determined in accordance with Korean tax law, and vice versa for Korean Reportable Accounts.
• Information should identify the currency in which each relevant amount is denominated.
• The information will be exchanged within nine months after the end of the calendar year to which the information relates.

Note: This summary only includes a part of the text and may not cover all aspects of the agreement.