Jan 1st – Japan Braces for Rise in Capital-Gains Tax
The capital-gains tax rate is scheduled to double to 20% from 10% on Jan.1,2014.
In 2003, Japan in favored a flat 20% tax on gains, though the rate was temporarily halved at 10% and after being postponed a few times the return to the normal rate of 20% is now set for 2014.
March 15th – Overseas assets combined exceeding a value of JPY50M is to be reported for tax, or face improsonment upto 1 year!
April 1st – Consumption tax rate from the current 5 % to 8 %.
April 1st – NEW RULE, Inheritance tax now to include overseas assets if either the ancestor or the heir resides in Japan on the day of death.
In progress – Public policy to continue to raise the cost of living expenses by debasing the currency targeting 2% inflation & reducing domestic purchasing power.
Consumption tax raise misdirected
Households are also facing higher costs for medical and nursing care services, higher pension premiums and a reduction in pension benefits. The Abe administration has already slashed core benefits for welfare recipients.
The government plans to exclude elderly people who need less care from services under the nursing care insurance system and force them to use municipal services. It is also going to increase out-of-pocket payments by people aged 70 to 74 for medical services from the current 10% to 20% of the cost, and raise pension premiums for corporate workers, the self-employed and the unemployed.
Happy Xmas and a merry new Tax year..!
from your government.