- In this newsletter: Solid Japan Year-End Schedule, Upcoming Deadlines, and Information on Tax treaties.
We would like to wish everyone a safe and happy holiday season!
Solid Japan Year-End Schedule
Please be aware that the Solid Japan offices will be closed from 3:00pm December 30th, 2016 until 9:00am January 4th, 2017.
Please be aware of the upcoming deadlines:
– Annual Withholding Tax Report (Hotechosho Gokeihyo)
We would like to remind all business owners and HR managers that the annual withholding tax report will be due January 31st, 2017.
The withholding tax report indicates to Japanese tax authorities the taxes that have been withheld from employees’ salaries, and tax withheld from professionals who do not operate under a corporate structure such as Japanese lawyers or tax accountants.
For further information please contact Solid Japan.
– Withholding Tax Payment
Small business owners should also be aware that January 20th is the due date for withholding taxes collected from the period of July to December.
This only applies to small businesses with less than 10 employees and who apply in advance. Other companies must remit withholding tax monthly.
– Fixed-Asset Report
The fixed asset report is due by January 31st, 2017. For this report fixed assets are generally defined as having a value of JPY 100,000 or more.
Depending on the value of the fixed asset and the capital of the company, its treatment will vary.
Your tax adviser can help determine the treatment of your fixed assets, or for further information please contact us.
– Personal Tax Filing
The filing deadline for 2016 for Individual Income Tax Returns is March 15th, 2017. Those that must file include individuals with income from more than one source and those with income over JPY 20 million.
Most company employees will not need to file a personal tax return as their employer adjusts their tax in their final salary payment of the year, as part of the Year-End Tax Adjustment (Nenmatsu-Chosei).
Upcoming National Holidays
Please be aware that the following dates are national holidays in Japan:
- – December 23rd, Emperor’s Birthday
- – January 2nd, New Year’s Day (Observed)
- – January 9th, Coming of Age Day
Also, please note that January 3rd is a Bank Holiday in Japan.
Did you know … ? (Tax Treaties)
Did you know that Japan has 66 tax treaties applicable to 107 jurisdictions? These tax treaties hold the purposes of avoiding double taxation of income internationally and for preventing tax evasion. Generally, the provisions of tax treaties supersede those of domestic law.
For more information on Japan’s tax convention network, please visit the Ministry of Finance website here (English).
To see how these tax treaties apply to you or your company, please contact your tax advisor.
The Solid Group is here to help you build the foundations of your business in Asia. From the company set up to ongoing accounting, payroll, and back office support services. Solid Global has the experience and expertise to provide helpful, friendly tailored solutions. For more information, please visit the Solid Global website here or contact email@example.com or firstname.lastname@example.org