deduction

Shirokane CPA Firm

New Documents for Exemption for Dependents on Japan Individual Income Tax

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With respect to withholding at source for salary, to be paid on after January 1, 2016 or the year-end tax adjustment, You are required to submit the following documents in order to apply exemption for Abroad Dependents. 1. Applying for a Tax Exemption for Dependents If you have family supporting their life expense, you would be able to deduct some amount from your income on tax calculation. The new rule is for the exemption for dependents living abroad. Under income tax laws and regulations, the new rule has come into force since October 2015. Accordingly you are required to submit or present “Documents concerning relatives” and “Documents concerning remittances” for[…]

Shirokane CPA Firm

Consumption Tax Should be included?

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If you are a blue filing taxpayer in Japan, you could deduct your payment to purchase an asset upto JPY 300,000. Now should you include sales tax called as a consumption tax in Japan, to the amount to determine the JPY 300,000 criterion. Or, when you are not a blue filing taxpayer, it is JPY 200,000 to judge deduction or depreciation. 1. First, You decide the accounting method on dealing with a consumption tax. There are two methods, one is to account all prices with a consumption tax included, and the other method is to account all prices without a consumption tax. Most self-employer business persons use the accounting method[…]