There are new reporting requirements for individual taxpayers, whose income exceeds JPY20 million (approximately U.S. $166,000), to report assets and liabilities. These new reporting rules, part of the 2015 tax reform legislation, are effective for individual income tax returns relating to 2015 income.
Before the 2015 tax reform, individuals were already required to file a statement of assets and liabilities with their income tax returns if their income exceeded JPY20 million. The 2015 tax reform, however, amended these requirements and now provides new rules relating to this reporting requirement.
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.