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| Article 53 (Reporting on foreign financial accounts) |
| (1) | A resident or domestic corporation holding a foreign financial account, the balance of which (or the aggregate balance of all foreign financial accounts, if the resident or domestic corporation holds more than one account) as at the last day of any month of the relevant year exceeds the amount prescribed by Presidential Decree (hereinafter referred to as "person required to report his or her account"), shall report the foreign financial account information to the head of a tax office having jurisdiction over the place for tax payment from June 1 to 30 of the following year. |
| (2) | For the purposes of applying paragraph (1), each of the following persons (hereafter in this Chapter referred to as "person related to a foreign financial account") shall be deemed to hold the relevant foreign financial account: |
| 1. | Where the actual holder of a foreign financial account is different from the nominal account holder, such as an account not under a real name: The nominal holder and the actual holder; |
| 2. | Where a foreign financial account is an account in joint names: Each joint holder. |
| (3) | Matters necessary for reporting foreign financial accounts under paragraphs (1) and (2), such as standards for determining persons required to report their accounts, methods of computing the balance of foreign financial accounts, methods of reporting, and standards for determining actual holders, shall be prescribed by Presidential Decree. |