For our Japan inbound Webcast series, we usually select topics relevant to our corporate clients. Yet, in our practice, we come across situations where (senior) executives in charge of these corporations are suddenly confronted with events in the private sphere. A parent dies overseas. A spouse passes away. Planning around the property owned in Japan is required to address intergenerational transfers, to name just a few.
These issues are impactful already as such. And they may cause unexpected financial issues if not thought through (or to some extent planned for) in advance. Japanese inheritance/ gift tax is complex. Myths (“high rates and no exemptions”) are widely circulating. Foreign executives will have scarce awareness of the actual rule and practices.
We believe it is time to address this area of taxation in our upcoming Webcast. Our team of experienced professionals will guide you through the basics, provide some practical examples and alert you where planning might be possible and would be beneficial.
This session would be of specific interest to foreign executives seconded to Japan, foreign nationals who are long-term residents in Japan, foreign executives in Japan with elderly parents overseas, foreigners married to Japanese nationals, and executives with properties in Japan and overseas.
We plan to cover the following issues:
- Outline of the inheritance and gift tax system in Japan (and compare to some extent with inheritance tax systems overseas). We will address the interaction of Japanese civil law on succession and tax law.
- Who is taxable and when?
- What is taxable?
- The liability calculated - Some practical examples
- Basic tax filing requirements and practical approach
- Any planning opportunities?
We aim to leave time for a Q&A session at the end of the webcast. But feel free to leave your questions in the webcast Q&A section or the webcast assessment, and we will get back to you after the webcast.
Date: Thursday, 10 November 2022
Time: 13:30-14:30
Language: English
Speakers:
Ernst & Young Tax Co.
Lars Dahlen
Associate Partner, Global Compliance and Reporting
Tobias Lintvelt
Advisor, International Tax and Transaction Services
Miyuki Ueda
Senior Manager, Business Tax Services
*The webcast will be available on-demand