The National Tax Agency of Japan, the government agency responsible for the Japanese tax system, announced that they had obtained 400,000 pieces of offshore financial information of Japanese residents, such as offshore bank accounts or securities accounts, in October. This became possible under the CRS (Common Reporting Standard) developed and approved by the Organization for Economic Co-operation and Development, OECD.
As of fiscal year 2016, Japanese residents with assets offshore exceeding 50,000,000 yen in market value as of December 31 must file 国外財産調書 or Foreign Asset Statement by March 15 the following year. However, the number of actual cases filed is about 9000 in 2016; this poor performance supposedly has several factors , especially peoples’ misunderstanding that they can continue to get by silently under the radar.
This year is the right time to start filing your Foreign Asset Statement because of the massive offshore financial data collection initiated by the NTA, described above. NTA will very likely use the information to audit residents who might have an obligation to file.
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・What is CRS of OECD? http://www.oecd.org/tax/automatic-exchange/common-reporting-standard/