Few aware of new tax breaks

JIJI

Only 14.7 percent of Japanese are aware of new tax incentives for small investments to be introduced next January, a survey revealed Tuesday.

In mid-April, FIL Investments (Japan) Ltd. asked some 10,000 public servants and company employees nationwide through an online questionnaire about the Japanese version of Britain’s Individual Savings Account system.

Under Japan’s scheme, investors will be exempted from taxes on dividends and capital gains from investments of up to ¥1 million per year for five years if they open dedicated accounts at banks or brokerages. The number of respondents who claimed to know about the system varied widely between prefectures.

The percentage was the highest in Nara, at 20.2 percent, and the lowest in Kumamoto, at 7.0 percent.