Korea's Ministry of Strategy and Finance and Ministry of Justice have announced the introduction of a voluntary disclosure program for undeclared foreign assets. Under the program, which runs from 1 October 2015 to 31 March 2016, resident individuals and legal entities that disclose foreign assets and pay the tax overdue will be exempt from penalties, except for a charge of 0.03% per day on the tax amount. In addition, no legal action will be taken on taxpayers taking part in the program unle…