Category: Japan
Details of 1.89 mil. overseas bank accounts received
The Common Reporting Standard (CRS) allows the tax authority of Japan to detect 1.89 hidden bank accounts overseas. ... - Continue reading
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. ... - Continue reading
SoftBank’s billions-saving tax route to be shut by Tokyo
Finance Ministry targets deliberate losses designed to slash bill ... - Continue reading
Synthesized text of Japan-UAE tax treaty published showing MLI modifications
The Japanese government on July 1 published the synthesized text of the Japan-United Arab Emirates 2013 tax treaty, taking into account changes made by the bilateral tax treaty on account of both countries’ later ratification of the the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). ... - Continue reading
US Senate To Vote On Tax Treaty Protocols
The United States Senate could soon approve ratification of four long-pending double tax avoidance treaty protocols. ... - Continue reading
Taiwan to join anti-tax evasion program CRS
Taiwan expected to share financial information with Japan and Australia in 2020 TAIPEI (Taiwan News) – Taiwan is expected to exchange financial information with a number of countries in September of next year as part of the Common Reporting Standard (CRS) program designed to combat tax evasion. Developed by the… – Continue reading
Taiwan to join anti-tax evasion program CRS
Taiwan expected to share financial information with Japan and Australia in 2020 TAIPEI (Taiwan News) – Taiwan is expected to exchange financial information with a number of countries in September of next year as part of the Common Reporting Standard (CRS) program designed to combat tax evasion. Developed by the… – Continue reading
Japan, Argentina sign tax treaty
Japan and Argentina join hands for tax reform ... - Continue reading
OECD supporting G20 policy priorities at Osaka Summit
At their Summit in Osaka this weekend, G20 leaders agreed on a range of priorities for which analysis and support from the OECD and other international organisations are playing a crucial role. Despite heightened tensions – in particular on trade and climate change – the leaders agreed to move forward… – Continue reading
India calls out Britain for continuing to harbor its financial criminals
Britain reprimanded by India? ... - Continue reading
G-20 ministers agree to tax tech giants
Tax technology giants to be taxed by the Group of 20 nations ... - Continue reading
Australia establishes agreement with Taiwan on tax and finance transparency
Taiwan implemented ‘Common Reporting Standards’ in 2019, now recognized by Japan and Australia TAIPEI (Taiwan News) – On April 22, the Ministry of Finance (MOF) announced Australia had officially agreed to accept Taiwan as a Common Reporting Standards (CRS) partner nation in matters of financial and legal transparency related to… – Continue reading
VISA-FREE DESTINATIONS ON LUXEMBOURG PASSPORT, 2019
Luxembourg and Spain passports placed 5th in a global study of visa-free travel. The annual “Henley Passport Index”, published on 8 January 2019, is a “ranking of all the world’s passports according to the number of destinations their holders can access without a prior visa.” The index is published by… – Continue reading
Worldwide: UK Tax Round Up – November 2018
General UK Tax Developments Finance Bill The Finance (No 3) Bill 2018-19 (which will become the Finance Act 2019) was published on 7 November and includes legislation to enact the changes highlighted in our UK Budget blog post ( UK Budget Blog). Another key area covered by the Finance Bill… – Continue reading
Bahamas Govt. and Govt. of Japan exchange diplomatic notes
During a courtesy call on November 12 in Tokyo, Japan the Government of The Bahamas and the Government of Japan exchanged diplomatic notes relating to the Protocol to amend the Tax Information Exchange Agreement between the Government of The Bahamas and the Government of Japan for the Exchange of Information… – Continue reading
Japan’s tax agency locates offshore bank accounts
Japan’s National Tax Agency has obtained information on more than half a million accounts held by Japanese citizens and companies at overseas financial institutions. The move comes amid heightened public interest in how the wealthy use offshore havens to evade paying taxes at home. The Japanese agency will analyze the… – Continue reading
Japan obtains 400,000 overseas account details
The National Tax Agency of Japan has gathered details on 400,000 overseas bank accounts held by Japanese nationals in about 50 countries in a bid to fight fiscal evasion as only 9,000 citizens declared having an offshore account in 2016. The tax agency will compare the two sets of information… – Continue reading
A Bird’s Eye View on General Data Protection Regulation (GDPR)
The General Data Protection Regulation (GDPR) is a regulation in European Law on data protection and privacy for all individuals within the European Union (EU). The EU General Data Protection Regulation (GDPR) superseded the UK Data Protection Act 1998 on May 25, 2018. Significant and wide-reaching in scope, the new… – Continue reading
Panasonic to Move European Headquarters Out of UK as Brexit Concerns Grow
Several multi-national corporations have moved their European headquarters outside of the UK ahead of Brexit, and many others are expected to follow suit, especially as the likelihood of a no-deal Brexit rises further. Japanese tech giant Panasonic will be transferring its European HQ away from London to Amsterdam in October… – Continue reading
Which Countries is The Cryptocurrency Taxed In?
The cryptocurrency industry is still at a very early stage of its development, so there are no single international rules yet. The governments of individual countries independently try to regulate digital assets. The tax on the cryptocurrency varies in different countries. Within the framework of this article, we will try… – Continue reading
Japan Undecided On Crypto Gains Taxing
Japanese politicians are questioning their Minister of Finance, Taro Aso, on the type of taxes they are applying on cryptocurrency gains in the country. While the politicians are demanding to treat profits from these virtual currencies as a ‘separate declared taxation,’ financial officials in the island country prefer to continue… – Continue reading
Tax Competitiveness in India: Changing Rules, Trends in Taxation
Ease of doing business and tax reforms are at the center of India’s growth agenda as the country pitches itself as the leading investment destination among global emerging markets. Yet, India’s tax competitiveness record remains mixed. At a time when the U.S., U.K., and Japan have slashed their corporate tax… – Continue reading
Cambodia, Vietnam ink double taxation agreement
Cambodia has signed a double taxation agreement with Vietnam that protects each country’s nationals from dual taxation, according to a news release from the General Department of Taxation released on Tuesday. The agreement was signed on Saturday on the sidelines of the Greater Mekong Subregion Summit held in Hanoi. Chou… – Continue reading
Binance Moves its Headquarters to Malta Seeking More Crypto-Friendly Legislation
One of the fastest growing crypto exchanges over the past year, Binance, announced on its official blog its intention to move operations to the European island of Malta. This decision comes after the difficulties experienced to operate under the conditions imposed by the Japanese government. A few weeks ago the… – Continue reading
Car inquiry finds billions of baht in unpaid tax
A joint investigation by the Department of Special Investigation (DSI) and related agencies has led to the retrieval of nearly Bt9 billion in luxury car tax and a case against tax-avoiding importers would soon be submitted for prosecution, DSI deputy chief Pol Lt-Colonel Korrawat Panprapakorn said on Tuesday. Korrawat reported… – Continue reading
TOKYO PUSHES BACK ON ‘BIZARRE’ DEATH TAX THAT DETERS EXPATS
Considering a work stint in Japan? You’d better make it short, and you’d better stay alive. That’s because the government subjects long-term foreign residents to inheritance tax of up to 55 percent on their worldwide assets – meaning heirs could be forced to give up their family homes or businesses,… – Continue reading
Offshore Retailers Face Tax in Japan
TOKYO – Japan is cracking down on online retailers who skip taxes by not having an office in the country. The government of Japan recently announced that it is looking to amend current legislation to update the definition of a permanent establishment of a business, in an effort to bring… – Continue reading
Japan’s National Tax Agency releases guidance on requesting Mutual Agreement Procedure assistance
The Japanese National Tax Agency (NTA) has released guidance for taxpayers on the mutual agreement procedure (MAP), in line with the recommendations of the OECD’s Base erosion and profit shifting (BEPS) Action 14 Final Report. The guidance is intended to supplement the Commissioner’s Directive on the Mutual Agreement Procedures, which… – Continue reading
New Japan-Denmark DTA To Waive Cross-Border Tax
The Japanese and Danish governments announced on October 11 that they had signed a new agreement for the avoidance of double taxation in Tokyo. The Japanese Ministry of Finance said: “This Convention wholly amends the existing Convention, which entered into force in 1968, by revising the taxation on business profits,… – Continue reading
Russia and Japan sign Double Taxation Avoidance Convention
The Russian President and the Japanese Prime Minister signed the Convention for the Elimination of Double Taxation with respect to Taxes on Income and the Prevention of Tax Evasion and Avoidance (the “Convention”) on 7 September 2017. The Convention will replace the existing treaty signed in 1986 by the Soviet… – Continue reading
Multinationals Fear Japan Reports Could Spur Outside Audits
Japanese multinational companies worry that filing their first country-by-country reports in 2018 will lead to a barrage of transfer pricing audits by developing countries. Companies are currently preparing their first country-by-country reports that must be filed with the National Tax Agency by the end of March 2018. Japan adopted country-by-country… – Continue reading
Japan, Russia Agree New Double Tax Pact
The governments of Japan and Russia signed a new convention on the elimination of double taxation on September 7. The convention replaces the 1986 agreement between Japan and the former Soviet Union. It lowers withholding tax rates on cross-border income from trade and investment – in most cases to zero… – Continue reading
Japan, Estonia Sign Double Tax Treaty
Japan and Estonia signed a convention to eliminate double taxation on cross-border trade and investment on August 30. The treaty sets out the taxing rights of both countries on cross-border income deriving from investment or trade between the two. It also provides for assistance in the collection of tax and… – Continue reading
Government approves Japanese-Estonian taxation treaty
The government approved the agreement on Thursday to avoid double taxation between Estonia and Japan and handed over the power to the finance minister to sign the agreement on behalf of Estonia. The plan is to sign the agreement on August 30 in Tallinn, spokespeople for the government said. The… – Continue reading
Gift and inheritance tax reforms leave more of Japan’s foreign residents liable
Reader M wrote to Lifelines about Japan’s inheritance tax law, which he calls “one of the most punitive in the world”: I’ve read with interest a number of articles in The Japan Times recently about the Japanese government’s efforts to make it easier for foreigners to obtain permanent residence in… – Continue reading
Japan Urged To Adopt 15 Percent VAT Rate
Japan should commit to new gradual increases to its consumption tax rate, beyond 10 percent, to help rein in its substantial deficit, a new report from the International Monetary Fund says. It said the Government should “place emphasis on a gradual, pre-announced schedule of consumption tax rate hikes, of 0.5… – Continue reading
Japanese individuals, firms named in Panama Papers owe ¥1 billion in taxes on hidden income
Japanese individuals and companies listed in the leaked Panama Papers owe more than ¥1 billion ($9.06 million) in taxes on undeclared income, sources close to the matter have said. This is the first calculation by Japanese tax authorities of the amount owed on the undeclared income exposed by the documents,… – Continue reading
Japan, Iceland reach basic agreement on tax convention
Japan and Iceland have agreed in principle to sign a convention aimed at eliminating international double taxation and preventing tax evasion, the Japanese Finance Ministry said Monday. The convention is hoping to boost mutual investment and encourage economic exchange, the ministry said. After signing, the convention is expected to come… – Continue reading
Inheritance tax avoidance, cheap mortgages driving a rental housing bubble
Apartment construction is booming as the wealthy rush to invest in rental housing as a way to reduce inheritance tax and banks hand out easy mortgages, but concerns are mounting that excessive supply paired with a shrinking population could soon lead to the bursting of the bubble. New starts on… – Continue reading
Russia, Japan To Sign New Double Tax Agreement
The governments of Japan and Russia on April 28 announced they have agreed the text of a new double tax agreement that would replace the 1986 pact between Japan and the former USSR. In a statement following a visit by Japanese Prime Minister Shinzo Abe to Moscow, the Japanese Finance… – Continue reading
S. Korea’s tax burden remains one of the lowest in OECD: data
SEOUL, April 16 (Yonhap) — South Korea’s tax burden, which has steadily risen over the years, still remains among the lowest among the group of developed market economies with high income, data showed Sunday. Data by the Paris-based Organization for Economic Cooperation and Development (OECD) showed that the tax burden… – Continue reading
India Continues To Conclude Several APAs
India has entered into new bilateral advance pricing agreements (APAs) with the United Kingdom and Japan, India’s Central Board of Direct Taxes (CBDT) announced on February 28. The two APAs were entered into over the last week. The CBDT also signed seven unilateral APAs. The APAs signed pertain to various… – Continue reading
Cayman Islands’ investment in S. Korea tops 9.2 tln won
SEOUL, Feb. 16 (Yonhap) — The Cayman Islands became the largest investor as a tax haven country in the South Korean market last year, data showed Thursday, amid suspicions that some of the money could be owned by South Koreans disguised as foreign investors in an attempt to avoid taxes…. – Continue reading
Japan, China, Ireland biggest foreign holders of US government bonds
In the latest published data from the US Treasury Department and Federal Reserve Board in respect of November 2016, the value of Treasury Securities held by foreigners was $5.9tn with Japan’s holdings at $1.1tn and China at $1.0tn, followed by Ireland at $275bn. However, some further data show that the… – Continue reading
Tax-avoidance adoptions
Adoption as a means of reducing inheritance taxation is said to be common among wealthy people. In overturning a lower court decision that invalidated a late Fukushima Prefecture man’s adoption of his grandson in 2012 on the grounds that the step was a tax-saving measure, the Supreme Court has ruled… – Continue reading
