We are Murata Sogo Tax Accountant Office, specializing in international taxation and asset taxation.
Today, we would like to introduce the Form for Assets Located Outside Japan.

Residents in Japan (excluding non-permanent residents) who have foreign assets exceeding 50 million yen at the end of the year are required to submit a Form for Assets Located Outside Japan to your local tax office, describing the contents, quantity, and value.

Residents (excluding non-permanent residents) who have foreign assets exceeding 50 million yen at the end of the year can be targeted.
A "resident" is an individual who has a domicile or residence in Japan for at least one year, and a "non-permanent resident" is an individual who is not a Japanese citizen and has had a domicile or residence in Japan for less than five years within the past 10 years.

It must be submitted to the tax office by March 15 of the following year of the year. However, the deadline for 2023 and thereafter is June 30 of the following year.

If a taxpayer submits the Form by the due date, the penalty for understatement or nondeclaration of income tax or inheritance tax on the foreign assets is reduced by 5%. On the other hand, if the tax return is not submitted by the due date, or if the property to be described is not described, further additional tax of 5 percent will be added on the penalty.

 

The submission of this report is likely to be applicable to foreigners and those who have stayed abroad for a long period of time in the past. If you would like to know more about this Form, please contact us.