An individual can file an income tax return from February 16 through March 15, 2024.
There are 2 ways to file, online or in paper. If you are filing in paper, you can post it or bring it to your competent tax office. Please be reminded that the tax payment date is also due by March 15.
Generally, if you are an employee of a Japanese company, your company will take care of your income (salary) tax by doing the year-end tax adjustment. But there are conditions that you will need to file by yourself even if you have only a salary.
– Your total annual salary exceeds 20 million yen (approximately $135,000)
– You have salary from only 1 company but your other income excluding salary and retirement income exceeds 200,000 yen
– You have salary from more than 1 employer and any of these salaries weren’t adjusted through the year-end tax adjustment moreover the total amount of those salary and the other income excluding salary (the tax adjusted) and retirement income exceeds 200,000 yen
– The withholding tax wasn’t deducted due to various reasons including you are employed in foreign diplomatic entity or domestic worker (who takes instruction from individual for household work, not hired by business/entity) from the salary
– You have received payments including interest on loans, rent or charges from the family company where you are a director or a relative of the director
– The withholding tax was postponed or you received a tax refund because of the “Law Relating to Exemptions, Deductions And Deferment of Tax Collection for Disaster Victims”
But even if you have met one of these conditions as long as the taxable income is under the basic deduction (480,000 yen), there is no need to file a tax return.
The other incomes include cryptocurrency, capital gains of stock or RSU, retirement income, prize income and other incomes as well.
Recently, cryptocurrency and capital gains are becoming more popular so it is highly recommended to check your tax obligations fully and prevent your future tax risk.
If you need any help for your tax return, please do not hesitate to contact us.