Nov 13, 2015

Tax Commission proposes drastic income tax reforms to support the poor

The Tax Commission on Friday proposed drastic income tax reforms, including more progressive taxes, to provide stronger support for low-income and child-rearing households. Selecting a set of key reform issues for future debates, the influential government commission said Japan needs to change the focus ...

British town tries offshore tax tricks to rattle government

Nov 12, 2015

British town tries offshore tax tricks to rattle government

Small shops in the town of Crickhowell in southeast Wales are drawing up plans to minimize their tax bills that mimic the avoidance tactics of the biggest multinational corporations. Several small businesses, including a baker, a bookseller and an optician, are attempting to publicly ...

Tax authorities open door on condo inheritance tax dodge

Nov 10, 2015

Tax authorities open door on condo inheritance tax dodge

Tax authorities are stepping up scrutiny of the use of high-rise condominiums to dodge inheritance tax. Condo market prices are currently about three times their appraisal values, the figures used to calculate inheritance tax, according to the National Tax Agency. This means a condo ...

Oct 30, 2015

U.S. Senate passes budget deal to avert default

The U.S. Senate passed a bipartisan, two-year budget deal early Friday that boosts federal spending by $80 billion, reduces a government shutdown threat and raises the debt ceiling through the end of Barack Obama’s presidency. The bill passed the House of Representatives on Wednesday ...

Prefectures begin mailing 12-digit My Number IDs

Oct 23, 2015

Prefectures begin mailing 12-digit My Number IDs

About a dozen of Japan’s 47 prefectures began Friday to mail 12-digit identification numbers to residents in the country under the new My Number social security and tax number system. The government plans to send the numbers to all of the approximately 55 million ...

Oct 13, 2015

Government considers multiple levels in 2017 consumption tax hike

The government is considering introducing a reduced tax rate for some products to ease the burden when it raises the consumption tax rate by 2 percentage points to 10 percent in April 2017, Chief Cabinet Secretary Yoshihide Suga said Tuesday. “It is extremely natural ...

Oct 6, 2015

Big U.S. firms hiding trillions abroad to avoid taxes: study

The 500 largest American companies hold more than $2.1 trillion in accumulated profits offshore to avoid U.S. taxes and would collectively owe an estimated $620 billion in taxes if they repatriated the funds, according to a study released Tuesday. The study, by two left-leaning ...

| Sep 21, 2015

Let's discuss the new My Number system

This week’s featured article MASAAKI KAMEDA and TOMOHIRO OSAKI, THE JAPAN TIMES Experts have voiced concerns about the Finance Ministry’s plan to use the upcoming My Number identity system to provide consumers with refunds on certain items and thereby soften the blow when the ...