As in most countries, tax is levied on individuals’ annual income, on inherited property, on goods and alcohol sales, and on goods imported from abroad.
There are two main types of tax in Japan, national and local, and if you work in Japan, no matter for how long, you have to pay tax on your income. You can make a self-assessment of your taxes and file your tax return to the appropriate authorities, you can request an official tax assessment, or follow the ordinary tax collection procedure, which is that the Metropolitan and other taxation authorities calculate how much tax you owe and send you a notice.
It is your responsibility to then pay your taxes at your bank or financial institution. You will be fined if you miss the payment deadline; the size of the fine will depend on the length of the delay in payment.
For more information on paying taxes in Japan follow the links below:
National Tax Agency
http://www.nta.go.jp/foreign_language/index.htm
Income Tax Guide for Foreigners / National Tax Agency
http://www.nta.go.jp/taxanswer/english/gaikoku.htm
Update 20/03/2008
Keep more of your money when transferring funds overseas!
If you want to move money abroad, from Japan or to Japan for example, Fexco provides efficient and secure global bank to bank transfers and bespoke payment solutions for both business and personal clients.
Why Fexco
Fexco provides a secure international money transfer service online or by telephone with bank beating fx rates and low fees. Specialises in high-value transfers.
Main characteristics
Fexco will help you to keep your overseas money transfer costs to a minimum.
| Margin | 0.6% |
|---|---|
| Regulator | FCA |
| Fee | £10 < £5K or Free > £5k |
| Mini | £1K |
| Ccy | All (130 currencies, incl ‘exotics’) |
| Services | Repatriation of funds, Property, Regular payments, High Value payments, spot, online, telephone. |
Get an online quote today
When you are ready to make your transfer, John and his team will be available to help you with better rates and an unrivalled service to make sure your funds are delivered securely and speedily.