If you have various incomes (excluding retirement allowances) that exceed 20 million and own assets with a total value of 300 million yen or more or if you own financial assets worth more than 100 million yen, you are required to file a report of Assets and Liabilities.
In 2023, there was an update to the rules for this report, including an increase in scope of the subjects and a new deadline.
Anyone who owns assets of a total value of 1 billion yen or more is required to report their assets and liabilities.
The due date has been extended to June 30 of the following year.
Filling out the forms can be quite overwhelming as there are a number of conditions for calculating each asset and liability. It is highly recommended to hire professionals to handle the filing.