• Service: Tax, Global Mobility Services, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 11/26/2013

Japan - Update on reporting requirements for overseas assets 

November 26: Japan’s tax reform in 2012 included a new reporting requirement for overseas assets held by individual residents—reflecting an effort to enhance the ability of the Japanese tax authorities to collect this information.

The Japanese tax authorities have made efforts to collect information concerning the overseas assets of individuals, including collecting information from financial institutions when remittances or receipts to / from foreign countries exceed JPY1 million.

Today’s report from the KPMG member firm in Japan reviews the main points of the reporting requirements, and describes amendments made to these rules under the 2013 tax reform as well as clarifications contained in administrative guidelines and FAQs released by the the tax authorities earlier this year.

Read a December 2012 report [PDF 175 KB] prepared by the KPMG member firm in Japan: New Reporting Requirement for Overseas Assets

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