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Tax Issues for High Salary Earners in Japan

Most employees in Japan do not have to handle their taxes, because their company reports to the tax office at the end of the calendar year. However, if you earn more than 20 million yen annually, you are required to file a tax return.

If you earned more than ¥20 million from sources of salary in 2020, there are two things to watch out for.

First, you will have to file your own individual income tax return. It is due by April 15th of 2021.

Second, the Report of Assets and Liabilities. If you owned more than ¥300 million worth of assets, or more than ¥100 million worth of assets such as securities or unsettled derivatives etc., you will have to file this report together with your individual income tax return.

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