SEOUL: South Korea and Hong Kong on Monday agreed to share the financial data of their residents in each country in a bid to prevent offshore tax evasion, the finance ministry here said.
Under the deal between the Ministry of Strategy and Finance and Hong Kong’s tax authorities, they will exchange lists on financial information every year, including bank accounts, balances and interest income, of each other’s nationals living in each other’s countries starting from 2019.
Hong Kong is one of the most common places for South Korean people and businesses to open overseas accounts.
The finance ministry said it will expand such data-sharing agreements with other countries like the United States and Singapore.
