Japan: New reporting requirements for individual taxpayers

Japan: Reporting requirements for individual taxpayers

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.

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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.

 

Read an October 2015 report prepared by the KPMG member firm in Japan: Requirement to Report Assets/Liabilities

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