Hello, my name is Taisei Koshida, and I am a certified public accountant and tax accountant.
I aim to assist non-Japanese business owners who need help with reading or writing in Japanese. If you find the Japanese tax return system challenging, I can help you with your tax filings.
If you live and run a business in Japan, you might report the situation of your overseas property to the Japanese tax office. I will explain this in this blog.
1. One Who Must Report
A permanent resident who has more than 50 million yen in overseas property at the end of the year must report.
2. Overseas Property
Deposit is judged by The office’s location, the property is by the location, and securities are by its headquarters.
3. Valuation
Valuation is done based on the current value or estimation at the end of the year.
4. Due Date
The due date is the end of next June.
5. Penalty and Advantage
If you report within the due date and disclose documents that tax officers request in a tax investigation, the penalty of less filing tax is cut by 5%. On the other hand, if you do not report properly within the due date, the penalty increases by 5%. Furthermore, the penalty will jump up to 10% if you do not disclose the documents.
In addition, if you make fake write, you will sentenced to less than one year in prison or 500,000 yen.
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