Japan – Individual income tax update
A number of tax changes have recently been introduced in Japan which may impact expatriates working in Japan and their employers. These changes include:
- A requirement for employers to make an annual report of equity compensation awarded by a foreign parent entity to Japan resident employees,
- An extension of foreign asset reporting requirements to residents who have foreign assets in excess of JPY50 million,
- Special tax measures for Tohoku Earthquake Restoration.
These changes are expected to come into effect on 1 January 2013.