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bbonthec
Joined: 07 Nov 2007
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 Posted: Thu Dec 06, 2007 8:40 pm Post subject: National Tax Service (NTS) -- New banking laws? |
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Just got this from my new employer. Has anybody seen this before? Is this right?
*** *** *** *** *** *** *** *** *** *** *** *** ***
The National Tax Service has announced a new law regarding bank accounts. Everyone has to visit their bank and change their bank account status.
The new bank account status is called a �Business Account� 사업용게좌.
* What is "Business Account 사업용게좌" law
- (This space left blank in the email I received....)
* Effective Group for "Business Account 사업용게좌"
- People who's in Education Industry
* How to open "Business Account 사업용게좌"
1) Visit your bank and they'll change your account as "Business Account 사업용게좌".
It'll appear on your bankbook 사업용게좌
2) You can change status for your current account
or open a new account as "Business Account 사업용게좌"
* What you need to bring to bank
- ARC and passport
* Deadline
- December 31st, 2007
* Penalty
1) If didn't change status : 0.5% from Salary
2) If didn't use account : 0.5% from Salary
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Now, I am aware of the new restrictions new foreigner account holders are facing. However, I have been in Korea for a few years now, and have had my bank accounts for a few years as well. No offense to the nubes or anything, but it would be entirely unfair if I and others in my situation had to face the same restrictions.
Has anybody else received similar orders? Is this an NTS law, or something my new school is doing? Does anybody know how this will affect us? This all has me very worried, especially the salary penalties for non-compliance. |
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Typhoon
Joined: 29 May 2007
Location: Daejeon
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| Posted: Thu Dec 06, 2007 9:03 pm Post subject: |
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| It sounds strange to me. The NTS is punishing people by deducting from their salary and not standard fines. This seems to be overstepping their bounds a little bit doesn't it?? |
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Unposter
Joined: 04 Jun 2006
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| Posted: Thu Dec 06, 2007 9:25 pm Post subject: |
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I have no idea what your boss is talking about so take this for whatever it is worth but it sounds like he is trying to declare you an "independent contractor" so he can save money on taxes.
I would beware this situation. |
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bbonthec
Joined: 07 Nov 2007
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| Posted: Thu Dec 06, 2007 9:43 pm Post subject: |
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| Unposter wrote: |
I have no idea what your boss is talking about so take this for whatever it is worth but it sounds like he is trying to declare you an "independent contractor" so he can save money on taxes.
I would beware this situation. |
Hrmm? I would hope not. The job is with JLS, a huge hagwon corporation. I would think they're completely on the up-and-up, not shady like the mom-and-pop organizations.
Anyways, I'm not going to the bank until next week, so I suppose if anybody else has heard of this, I'll find out before then. :S |
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regicide
Joined: 01 Sep 2006
Location: United States
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| Posted: Thu Dec 06, 2007 9:43 pm Post subject: |
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| Unposter wrote: |
I have no idea what your boss is talking about so take this for whatever it is worth but it sounds like he is trying to declare you an "independent contractor" so he can save money on taxes.
I would beware this situation. |
I am thinking the same thing. I have not heard of this nonsense. I wouldnt do it and I would confirm your tax and pension payments. |
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bbonthec
Joined: 07 Nov 2007
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| Posted: Thu Dec 06, 2007 10:14 pm Post subject: |
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| regicide wrote: |
| Unposter wrote: |
I have no idea what your boss is talking about so take this for whatever it is worth but it sounds like he is trying to declare you an "independent contractor" so he can save money on taxes.
I would beware this situation. |
I am thinking the same thing. I have not heard of this nonsense. I wouldnt do it and I would confirm your tax and pension payments. |
Hrmm...how to confirm tax and pension payments for a school that I haven't started working at yet? |
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quilter
Joined: 11 Feb 2006
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| Posted: Thu Dec 06, 2007 11:30 pm Post subject: |
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| I phoned NTS today (397-1440) and they said they had never heard of this. |
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bbonthec
Joined: 07 Nov 2007
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| Posted: Fri Dec 07, 2007 12:02 am Post subject: |
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| quilter wrote: |
| I phoned NTS today (397-1440) and they said they had never heard of this. |
WTF?! I'm gonna call 'em. Thanks for the phone number.... |
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marmotkorea
Joined: 12 Nov 2007
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| Posted: Fri Dec 07, 2007 12:03 am Post subject: |
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| That looks like a scam to me. |
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bbonthec
Joined: 07 Nov 2007
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| Posted: Fri Dec 07, 2007 12:09 am Post subject: |
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| I just called the NTS. He confirmed there was no law change. This is weird.... |
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rhinocharge64
Joined: 20 Sep 2006
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| Posted: Fri Dec 07, 2007 12:11 am Post subject: |
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| No, it's another example of a corrupt hogwon boss!! |
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