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New Reporting Requirement for Overseas Assets

New Reporting Requirement for Overseas Assets

Under the 2012 tax reform, a new reporting requirement for overseas assets held by individual residents was introduced. The Japanese tax authorities have made endeavors to grasp overseas assets held by individual residents through various measures. By virtue of introducing this new reporting requirement, the Japanese tax authorities are increasing their enforcement level to collect such information.

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While we have already released newsletters to inform about this new reporting requirement, we set out again in this newsletter the main points of the new reporting requirement, reflecting amendments under the 2013 tax reform and items clarified in the administrative guidelines and FAQs released by the National Tax Agency this year.

Contents

  1. New Reporting Requirement for Overseas Assets
  2. Special Measures for Additional Taxes

Japan TAX Newsletter

© 2020 KPMG AZSA LLC, a limited liability audit corporation incorporated under the Japanese Certified Public Accountants Law and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. © 2020 KPMG Tax Corporation, a tax corporation incorporated under the Japanese CPTA Law and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

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