When you hear “Life insurance deduction”, it may sound like it only covers a life insurance. But depending on your insurance plan (new or old), it actually covers private pension and medical care insurance as well.
The maximum amount of this deduction that you can claim will be determined by type of your insurance plan. For example, it is 120,000 yen for the new plan.
For more information about deductions for your tax return, please reach out to us for free consultation!
Unlike other countries, Japanese tax law allows us to deduct life insurance premiums, earthquake insurance premiums and some other insurance premiums from our taxable income.
According to Japanese Company Law, there are 4 types of company in Japan.1. Stock Company – 株式会社2. Limited Liability Company – 合同会社3. General Partnership Company
Company establishment and accounting can be complicated in Japan.
Don’t do yourself, we’re here to help.
Get in touch for a free consultation.
Established in 1984,
Seventh Sense Group offers full-service accounting services including tax compliance, bookkeeping, payroll, and company establishment.