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Thread: A couple of taxing questions.

  1. #1
    Join Date
    Mar 2014
    Location
    Yokosuka
    Posts
    208

    Default A couple of taxing questions.

    Couple of Japan tax questions.

    As I get closer to 5 years living here I believe my tax status alters and I need to declare any income I make outside of Japan even if it remains there such as any interest earned in bank accounts back home. Does anyone have experience with this and how it is taxed and is there any threshold/non taxable amount?

    Related to this the Japan tax OAR (Overseas Asset Reporting) law for foreigners has been revised and when I reach 5 years here I fall under it's gaze. With such harsh tax on things like gift and inheritance in this country I am concerned they might see foreigner assets as something else to tax. With the cross border banking co-op expanding in 2017 they will be able to see clearly what you have. In my case I don't have much but I do have my pension fund/superannuation held overseas. At present the Japan tax department is requesting that foreigners merely report their overseas assets and are not saying they will or will not levy a tax, but why ask if not looking for low hanging fruit is my concern.

    I will go to a tax accountant when time permits and seek professional advice but if anyone has any information then I'd appreciate to know further now as it potentially means my plans to retire here may need to be revisited.

  2. #2

    Default

    OAR over 50,000,000 in assets. Anything under that does not need to be reported under OAR.

    http://www.japantimes.co.jp/communit.../#.WI93Bfl96Uk

    If you are worried, form a trust and transfer the assets, so they are not in your name,
    but in your control. The last thing i would do, is declare them. There are so many ways
    to have assets but not have assets.
    Apexmoto Inc - Dyno tuning, engine/chassis/suspension upgrades, repairs, shaken, tires & changing with balancing, graphics printing, stickers, media blasting, painting & powder coating.

  3. #3
    Join Date
    Mar 2014
    Location
    Yokosuka
    Posts
    208

    Default

    Quote Originally Posted by Jav View Post
    OAR over 50,000,000 in assets. Anything under that does not need to be reported under OAR.

    http://www.japantimes.co.jp/communit.../#.WI93Bfl96Uk

    If you are worried, form a trust and transfer the assets, so they are not in your name,
    but in your control. The last thing i would do, is declare them. There are so many ways
    to have assets but not have assets.
    Ok thanks. My superannuation/pension fund is my main concern.

  4. #4
    Join Date
    Apr 2013
    Location
    Saitama
    Posts
    261

    Default

    I have a returned service pension. I declared it, not taxed on it, but I don't draw on it here
    Worthwhile though, is any support you send overseas to offspring, is /was tax deductable. I stopped claiming that 3 yrs ago.
    I only had to produce bank transfers, and birth certs.
    I have heard this also covers parents, yours.

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