The government plans to implement tax incentives for long-term foreign residents as part of efforts to turn the country into a major international financial hub, official sources said Wednesday.
Under the current system, Japan imposes an inheritance tax on foreign nationals' overseas assets if they live in the country for more than 10 years, but the special measure to be introduced will make them exempt from the imposition, according to the sources.
The government also plans to allow unlisted firms, including investment funds, to add remuneration of executives to business expenses to help reduce their corporate taxes, the sources said.