Society | Nov 05

Japan to tighten rules on wealthy residents with overseas assets

The government is set to tighten rules on disclosure by Japan’s wealthier residents about their overseas assets in a bid to prevent tax avoidance, sources close to the matter said Sunday.

It will urge people with overseas assets of more than ¥50 million ($462,000) to keep records of transactions made using their foreign bank accounts, the sources said. If they are found to have failed to declare foreign assets but then submit such records, authorities will apparently reduce the amount of penalty taxes.

The measure will be introduced in fiscal 2020, which starts April 1, as part of annual tax reforms set to be drafted later this year, the sources said.

Under the current rules, the government obliges domestic residents to declare the types and amounts of their overseas assets if they total more than ¥50 million.


MORE Society NEWS

A fire chief in Shiga Prefecture has been disciplined for "vaccine harassment," after a staff member who chose not to receive the COVID-19 jab was made to work in the office hallway.

As more people keep pets indoors, there has been a call for caution regarding unexpected pet behavior leading to fire accidents.

Last year saw a record-breaking 1,963 prohibition orders issued in Japan under the Stalking Control Law, marking the highest number to date.

POPULAR NEWS

Japan's Meteorological Agency announced the blooming of the Somei Yoshino cherry blossoms in Tokyo at 2 p.m. on Friday, five days later than average.

Japan's Ministry of Economy, Trade, and Industry (METI) announced a formal plan on March 28 to establish priority lanes for autonomous vehicles along expressways stretching from Tohoku to Kyushu within the next ten years.

JAXA has announced the revival of the unmanned explorer "SLIM" following its successful hibernation after making Japan's first moon landing. The probe successfully endured a second lunar night, a period during which temperatures can drop to as low as minus 170 degrees Celsius.

Seven-Eleven have extended the expiry date of its hand-rolled onigiri (rice balls), including salmon, plum, kelp, spicy cod roe, and tuna mayonnaise varieties.

The Japanese government finalized a new strategy on Wednesday aimed at the development of next-generation domestic aircraft, including initiatives for eco-friendly aviation technologies.

FOLLOW US