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Japan's tax agency to focus on offshore trades www3.nhk.or.jp
Tax authorities in Japan have announced on their website tightened surveillance measures for offshore investment and trade by the country's wealthy and firms.
Tax evasion has been a hot topic since a massive leak this year of financial documents known as the Panama Papers.
Officials at Japan's National Tax Agency want to ensure that wealthy people and multinational corporations with assets overseas pay their fair share in taxes.
The agency is studying documents required for individuals with such assets worth more than 50 million yen, or over 480,000 dollars.
Agency officials say they'll launch a system by September 2018 to automatically exchange information on financial accounts with tax authorities in over 100 nations. The effort would be based on international rules.
They also say that starting next July, they will expand a nationwide network of project teams specializing in taxing the wealthy.
Published Date:2016-10-26
