HSB JAPAN NEWS
For many foreign employees residing in Japan, understanding the nuances of local taxes can be a daunting task. Particularly, the residence tax, which is often a significant annual expense, poses a challenge. However, 2023 brings an opportunity for these expatriates to apply for a residence tax exemption, potentially easing their financial burden. The eligibility for this exemption and the percentage of tax relief granted is directly linked to the individual’s
Understanding the Intricacies of Pension Lump-sum Foreign workers in Japan often consider the Pension Lump-sum payment as a part of their retirement planning. However, navigating the complexities of this system can be challenging. There are several critical issues and common mistakes that need to be addressed to ensure a perfect process. Foreign workers in Japan The Misconception About Minimum Requirements Many believe that paying the Pension Lump-sum system for a
THE INCOME OF THIS YEAR IS LOWER THAN BEFORE – CAN EMPLOYEES APPLY FOR A RESIDENCE TAX DISPENSATION?
Can laborers apply for a residence tax deduction when this year’s earnings are less than the previous year’s?” is one of the questions that are more interesting to foreigners working in Japan. The resident tax is a popular tax for most residents having a job here (such as overseas students, engineers or housewives doing part-time jobs and so on). So what is the resident tax dispensation, the conditions to receive
Furusato nozei is not basically a type of tax to pay, instead, it’s a regime in which the residents can distribute their effort in building and developing local regions in Japan through personal monetary donations. In addition, they will also get back the local specialties, like fruits, food, and others, from that locality as a thank-you gift. However, when engaging in the Furusato nozei, have you ever wondered about the
In “How to Claim Your Income Tax Refund in Japan in 2022,” we show you what an income tax refund is, who is entitled to receive it, and what documents you need to send in an application. Still, you may wonder if you have to follow any requirements with the documents to get your application accepted. Hence, in this blog, we will delineate the detailed conditions for the documents you
If you are foreigners who have lived in Japan for nearly a year, you may hear about the term “income tax refund” and wonder what it is and whether you are eligible to receive it. This blog will give you a general understanding of income tax and how you can claim your income tax refund in Japan. What is individual income tax in Japan? First, you should know the definition