Overseas Assets Held by Japan Residents Hit Record High
Tokyo, Jan. 31 (Jiji Press)--Overseas assets held by wealthy residents in Japan in 2023 rose 13.4 pct from the previous year to 6,489.7 billion yen, hitting a record high, data compiled by the National Tax Agency showed Friday.
The data were based on documents required to be submitted to tax authorities by residents in Japan who held over 50 million yen in assets abroad. The number of submission cases increased 6.0 pct to 13,243, also a record high.
An official of the agency attributed the results to "higher stock prices and a weaker yen."
Securities totaled 4,090.5 billion yen, accounting for 63.0 pct of the total overseas assets. Deposits and savings totaled 847.9 billion yen.
An additional tax burden imposed on those who underreport their income and inheritance taxes on their overseas asset holdings was reduced in 168 cases in which necessary documents were submitted. Meanwhile, a heavier additional tax burden was slapped on residents in Japan in 303 cases mainly because they failed to submit such documents.
(2025/01/31-18:46)
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