Summary of New Changes in 2001

Korea Times (Seoul, Korea), January 1, 2001 | Go to article overview

Summary of New Changes in 2001


The following are the systems that the country will create or change next year in the sectors of finance, fair trade, trade, information and telecom and broadcasting.

Finance: The second stage of foreign exchange liberalization takes effect Jan.1, allowing considerable freedom to transfer remittances abroad.

However, any remittances exceeding $10,000 will require a report to the National Tax Administration and the Customs Service, while those exceeding $50,000 will need to get the Bank of Korea's prior approval.

Restrictions on foreign travel expenses will also be freed up, but any amount exceeding $10,000 will require customs notification. Travelers with more than $50,000 will be required to report to the central bank, which will notify the National Tax Service.

Limits on expenses related to extended foreign residence and study will also be lifted, but those going over $100,000 annually will need approval from the Bank of Korea beforehand. Tax authorities will examine the funding source for amounts over $100,000, to prevent overseas money laundering and tax evasion.

Deposits in financial institutions abroad will also be liberalized. But one-time deposits exceeding $50,000 will be reported to the central bank, while those exceeding $10,000 per year will be reported to the tax office.

The depositors will be required to make notifications of their balances at least once a year.

Fair Trade: From April 1, there will be an overall limit on capital investment. Those firms belonging to large conglomerates will be barred from holding stakes in other companies that exceed 25 percent of their capital. However, exceptions will be made for acquiring new shares and stock dividends.

Listed firms will be allowed to hold 30 percent of stakes in their affiliates. …

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