Are you a citizen or a permanent resident of Japan? Are you aware of this new law?
A recently-passed tax law in Japan requires Japanese citizens and permanent residents to report for the first time their foreign assets (assets held outside of Japan). If you or someone you know is a citizen or permanent resident and owns assets outside of Japan on December 31, 2013 in excess of 50 million yen in aggregate value, you or they will have to be report them to Japanese tax authorities on a special new form for the first time when your 2013 Japanese taxes are filed early in 2014.
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