Unexpected Liabilities?
Grant Thornton explains upcoming changes to how Japan calculates minimum income tax and what to be aware of if you expect large capital gains in 2027.
Supportive Steps
Grant Thornton explains often-overlooked tax benefits that can help offset expenses for young families in Japan.
Tax Surge Ahead
An increase in taxes on high-net-worth individuals is on the horizon. Here's how it will impact business and real estate owners beginning January 1, 2025.
Japan Unlocked
Looking to enter the Japan market? Want to improve your existing operations? As part of Kreston Global, the world’s 13th-biggest accounting network and 10th-biggest in Japan, Kreston ProWorks helps companies establish a foothold in Japan.
2023 Tax Reform Proposals
On December 16, 2022, the Government of Japan released its 2023 tax reform proposals. The amendments contain changes to the rules related to gifts and inheritance tax. The proposals are usually promulgated into law by the end of March and enter into force on April 1. Here is an overview of what to expect.
Tax and Trends
Yamada & Partners can help non-Japanese better understand how their assets are taxed and assist them in reducing their tax liability while accurately reporting income and assets.
Trusts and Audits
In December 2021, the Japanese government revealed its proposed changes to tax legislation. Some of these proposals affecting individual taxpayers are discussed in this column, together with an update on how Covid-19 has impacted the tax authority’s approach to inheritance and gift tax audits.
It’s a New World for JCT
Beginning in October 2023, major changes to the laws governing Japan’s consumption tax system will likely impact a wide variety of businesses. Consumers need not worry—there is no rate hike included in these changes—but companies doing business in or with Japan will have more to consider. Companies will have to register, pay any output JCT collected to the tax authorities, and issue a qualified invoice (with certain required items stated correctly) in order for their customers to claim input JCT credits on their purchases.
Covid-related Financial Relief
As relief from economic and financial distress caused by the coronavirus pandemic, you may have received subsidies or grants from the national and/or local government. You may be wondering if you must declare this assistance on your income tax return. Here is a summary of tax treatment and revenue recognition timing published by the National Tax Agency of Japan.