Archive for May 29th, 2012

2012 tax reform and reporting foreign assets

May 29, 2012  |  Individual  |  No Comments

One of very few remaining terraced rice fields which in Japan are known as "senmeidai" or one thousand step fields

The Japanese tax authorities have increased their focus on the audit of income or gains from assets that have not been declared to the tax authorities and which are held by Japanese tax residents outside Japan.

As part of this focus the authorities have widened their network of information exchange agreements and have focused on inheritance tax audits as well as audits of income tax filings.

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