quote of the day

The surge in undeclared taxable incomes mainly reflects cases involving wealthy individuals making investments overseas.


A National Tax Agency spokesperson. Tax investigations in the year through June detected a total of 83.9 billion yen of undeclared taxable incomes of wealthy individuals in the country, up 72.3% from the previous year, and the highest level on record since 2009.

© Jiji Press

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I've had two Japanese accountants who told me I had nothing to worry about my overseas assets, saying as long as I didn't move them in or out of Japan, there would be no way for the Japanese tax authorities to find them.

I guess that's changing with CRS and My Number.

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The threshold is (if I remember correctly) 50Mio JPY. A foreign financial institution will report all your assets to Japan via CRS, but as long as you are below 50 Mio, you don't need to do anything on your side in Japan and neither will the Japan Tax Office. Now, having said that and seeing how cash-strapped and eager to tax the plebs the J-gov is, I wouldn't be surprised if the threshold gets lowered soon...

And, as far as so-called "wealthy individuals" do go and I do mean REALLY wealthy individuals, as we all know they have access to means of concealing their assets that mere mortals do not have. As such, I would think that those meant here by the NTA spokesman were not that "wealthy", hence did not have access to optimal protection because frankly...83.9 Bio JPY...is peanuts. There has to be much much more hidden away out of reach of the NTA.

And frankly, the NTA is a joke. You just need to look at all these scandals around undeclared "donations" to politicians that pop up and never ever one peep about the NTA investigating the case. Tells you everything you need to know about how much the NTA is being weaponized by the political class in Japan against all mid- and low income class members.

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You don’t get rich without skirting the rules, we all know it. Also wasn’t japan listed as a huge transit point for money laundering some time ago.

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And you know the first people they will go after are the foreigners and those who have no political connections. Those connected to the LDP will continue to keep their profits overseas and the politicians here will continue to make insane amounts of money WHILE at the same time dining on OUR dime.

If there is anyone that needs to be investigated before all else, it is indeed the LDP and their cronies.

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Thanks for the info, but my property and securities overseas produce rental and dividend income, which I need to report in Japan, according to my new accountant. I file in my home country and am taxed accordingly there, but the Japanese authorities also want to know about it, despite a bilateral tax treaty that is supposed to eliminate double taxation.

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True. Sorry for being unclear. I was talking about "assets".

If you have "income", even only a foreign-originating pension-related income, things will start to get rockey and paperwork will need to be expected...

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