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Overseas Assets Reporting
Posted: Sun Jun 20, 2021 1:21 am
by TJKansai
This requirement arises when permanent residents hold assets including non-financial assets, outside of Japan which exceed JPY 50 million in gross value (liabilities such as home loans will not be considered) as of December 31.
I imagine a number of people here may need to report the assets, but still might be under the ¥20 million gross income amount.
Currently, taxpayers with gross income over JPY 20 million are required to submit the ‘Details of Assets and Liabilities’ statement along with the individual income tax return.
https://www.pwc.com/gx/en/hr-management ... orting.pdf
Re: Overseas Assets Reporting
Posted: Sun Jun 20, 2021 2:41 am
by RetireJapan
Actively trying to keep overseas assets under the limit
Re: Overseas Assets Reporting
Posted: Mon Jun 21, 2021 1:44 am
by N00bster
Don't have the assets, and don't plan to submit when over ¥50 million
What happens if you don't submit and the tax authorities somehow find out?
Re: Overseas Assets Reporting
Posted: Mon Jun 21, 2021 2:16 am
by RetireJapan
N00bster wrote: ↑Mon Jun 21, 2021 1:44 am
What happens if you don't submit and the tax authorities somehow find out?
I believe it is quite serious (more serious than 'forgetting' to declare taxes).
(4) 正当な理由のない国外財産調書の不提出等に対する罰則
国外財産調書に偽りの記載をして提出した場合又は国外財産調書を正当な理由がなく提出期限内に提出しなかった場合には、1年以下の懲役又は50万円以下の罰金に処されることがあります。
ただし、提出期限内に提出しなかった場合については、情状により、その刑を免除することができることとされています。
https://www.nta.go.jp/taxes/shiraberu/t ... i/7456.htm
Re: Overseas Assets Reporting
Posted: Mon Jun 21, 2021 10:45 am
by captainspoke
Yeah, I'm a little puzzled by the "Don't plan to submit one" (and also the last) choice in the poll...?
Re: Overseas Assets Reporting
Posted: Tue Jun 22, 2021 8:34 am
by TJKansai
captainspoke wrote: ↑Mon Jun 21, 2021 10:45 am
Yeah, I'm a little puzzled by the "Don't plan to submit one" (and also the last) choice in the poll...?
I thought there should be an option for people planning to leave in the near future to avoid the "exit tax" (something I really don't understand myself).
Re: Overseas Assets Reporting
Posted: Wed Jun 23, 2021 1:39 am
by Kiro
Regarding this sentence from that pdf in the first post: "Currently, taxpayers with gross income over JPY 20 million are required to submit the ‘Details of Assets and Liabilities’ statement along with the individual income tax return."
My understanding was that the total value of assets WW also needs to be above JPY 300 million (or above JPY 100 million for derivatives and the like). Which should put a lot (most?) people below that threshold. Can anyone confirm if correct (below the NTA link)?
「...2,000万円を超え、かつ、年末時点での財産価額が3億円以上、または有価証券などの資産価額が1億円以上」
https://www.nta.go.jp/taxes/shiraberu/t ... i/7457.htm
Re: Overseas Assets Reporting
Posted: Wed Jun 23, 2021 8:44 am
by eyeswideshut
Kiro wrote: ↑Wed Jun 23, 2021 1:39 am
Regarding this sentence from that pdf in the first post: "Currently, taxpayers with gross income over JPY 20 million are required to submit the ‘Details of Assets and Liabilities’ statement along with the individual income tax return."
My understanding was that the total value of assets WW also needs to be above JPY 300 million (or above JPY 100 million for derivatives and the like). Which should put a lot (most?) people below that threshold. Can anyone confirm if correct (below the NTA link)?
「...2,000万円を超え、かつ、年末時点での財産価額が3億円以上、または有価証券などの資産価額が1億円以上」
https://www.nta.go.jp/taxes/shiraberu/t ... i/7457.htm
The overseas assets disclosure and the details of assets and liabilities disclosure are 2 separate things. The 300 million assets 20 million income apply to the latter which includes all assets, domestic and foreign. Bottom line, if you have more than 50 million in assets overseas you have to declare them.
Re: Overseas Assets Reporting
Posted: Wed Jun 23, 2021 9:00 am
by Kiro
Right, the 50M jpy+ in overseas assets = must declare, is clear.
But then, regarding the details of assets and liabilities disclosure, is the English pdf document missing the "AND 300M jpy in total asset value" part?
Re: Overseas Assets Reporting
Posted: Wed Jun 23, 2021 10:36 am
by TBS
Kiro wrote: ↑Wed Jun 23, 2021 9:00 am
Right, the 50M jpy+ in overseas assets = must declare, is clear.
But then, regarding the details of assets and liabilities disclosure, is the English pdf document missing the "AND 300M jpy in total asset value" part?
That's right, the PWC PDF is missing that important fact. They have clearer wording on their website
here.
