Investment Funds: Business Expenses and Inheritance Tax

investment funds: The incentives will be included in the tax reform package for fiscal 2021 to be compiled by the ruling Liberal Democratic Party and its junior coalition partner Komeito, according to The Japan Times. The Cabinet is expected to approve the changes by the end of the year, with related bills to be submitted to the Diet early next year, according to the sources. Under the current system, Japan imposes an inheritance tax on foreign nationals' overseas assets if they live in the country for more than 10 years, but the special measure to be introduced will make them exempt from the imposition, according to the sources. ; The government also plans to allow unlisted firms, including investment funds, to add remuneration of executives to business expenses to help reduce their corporate taxes, the sources said. RELATED STORIES Japan to pitch Kansai and Fukuoka as post-pandemic financial hubs Exchange outage latest blow to Tokyo's financial hub dreams After Hong Kong crackdown, Japan cities wrestle for Asian financial hub status Financial Services Agency to set up one-stop center for foreign financiers Behind the introduction of the new tax breaks is the fact that many highly skilled financial professionals from abroad leave Japan within 10 years partly due to the current taxation system, a ruling party source said. The tax incentive will deliver a message that we want them to live longer and work longer in Japan, the source said. Foreign nationals who have resided here for 10 years or less only pay taxes on domestic property. ( As reported in the news.

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