Grant Thornton Japan’s Post

Inheritance tax in Japan: If the total value of properties acquired by inheritance or bequest and properties acquired under taxation by settlement at the time of inheritance (after subtracting the amount of debt, etc., and adding the value of properties donated within three years before commencement of inheritance) exceeded the amount of basic exemption, inheritance tax is imposed on the excess amount (total taxable estate). In this case, a declaration and payment of inheritance tax is required within ten months from the day following the day when the death of the decedent (Note) was notified. Inheritance tax is calculated using excess progressive taxation. Excess progressive taxation divides the range of taxable amounts into multiple categories, and the tax rate is applied to each category. The inheritance tax rate is 10% up to 10 million yen, 15% up to 30 million yen, 20% up to 50 million yen, 30% up to 100 million yen, 40% up to 200 million yen, 45% up to 300 million yen, 50% up to 600 million yen, and 55% over 600 million yen. The inheritance tax levied in the United States is called "Estate Tax". Inheritance tax in Japan is a national tax. On the other hand, there are two types of estate taxes in the United States: the "federal estate tax," which is equivalent to the national tax, and the "state estate tax," which is equivalent to the local tax. The basic deduction for federal estate taxes in the United States is $11.4 million. Since it is much higher than the basic deduction in Japan, the inheritance amount taxed is calculated lower than in Japan. That's not the whole cause, but it's true that some Japanese people move their personal assets abroad. #inheritancetax #taxjapan #inheritancejapan #taxratejapan #bequestjapan #gifttaxjapan #heirjapan #assetstransfer

My second book is out - "Essays on the Role of Progressive Income Taxation for Stability and Indeterminacy of Equilibria in Dynamic Economic Systems: The Case of Bulgaria." This monograph contains some of my recent work on the role of progressive income taxation vs. the alternative of a flat (proportional) income taxation, both within different real-business-cycle setups. The particular focus is on the role of income taxation rule for stability and determinacy of the dynamic economic system. The testing ground for the models used is my home country, Bulgaria, in the period after the introduction of the currency board arrangement, and more specifically, post-1999. We compare the flat tax regime, introduced in 2008, against the counterfactual of the progressive income tax schedule, which existed earlier. The general conclusion that emerges among several alternative setups, is that the current flat tax regime is better than the previous progressive taxation one, as the former produces a unique equilibrium in the economic system, and breaks the indeterminacy-of-equilibrium result caused by the progressive income taxation regime that was in place in Bulgaria until it was replaced with proportional income taxation.

It has been said that in order to practise safe tax planning one should always use a non-dom!   Under the current non-dom regime, there is no wealth tax or taxation of foreign income and gains (FIG) in England, and only limited inheritance tax. However, since 2008, successive governments have eroded the value to the non-dom, with the latest instalment, applying to new arrivals from 6 April 2025, limiting and diluting the regime even further.   Hed Amitai, Katie Austin, James Odds ACA CIOT and Paul Baker from our Private Client team take us through how a new regime, which will apply to new arrivals from 6 April 2025, will impact them while also examining the effect on existing UK residents:   https://lnkd.in/ejk6uQqG   #wealth #tax #uk

Big changes are on the horizon for the UK's Non-Dom tax regime, a system that has stood for over two centuries. Starting from April 2025, a substantial alteration is set to take place, potentially impacting individuals with overseas income. Non-Doms may find themselves subject to UK taxation on up to 50% of their income earned abroad. This significant adjustment signals a departure from the longstanding practices that have governed the taxation of international individuals in the UK. In addition to the changes in overseas income taxation, alterations to the Inheritance Tax (IHT) rule are also in the works. These modifications could have far-reaching implications for those considering long-term residency in the UK. As the landscape of UK taxation undergoes a transformation, it becomes crucial for individuals affected by these changes to remain well-informed and adapt their financial planning strategies accordingly. The upcoming overhaul of the Non-Dom tax regime underscores the UK's evolving approach to taxing international individuals. With these changes set to come into effect, it is essential for affected individuals to stay abreast of the developments and make informed decisions regarding their tax obligations and long-term financial planning. Stay informed, plan ahead, and navigate the shifting terrain of international taxation in the UK. #taxation #internationaltax #NonDom #UKtaxchanges #wealthmanagement #wealthplanning #wealthpreservation Please feel free to contact me to set up an exploratory call to discuss your unique financial needs. grant.chalmers@pccwealth.com

From Forbes Advisor Australia 🇦🇺: While in most countries, inheritance tax is levied on the estate of the person who dies, Australia is a little bit different. Read more in our guide to inheritance tax in Australia. . #Australia #Tax

🇬🇧 Major UK Tax Reform Announcement 📢 In a landmark move, the UK is set to revolutionize its tax system for foreign residents, effective 2025. Chancellor Jeremy Hunt has unveiled plans in the latest Budget to abolish the long-standing "non-domicile" status. This marks a significant shift from the current system, where non-domiciled residents can avoid paying UK taxes on their foreign income for up to 15 years. Key Changes Ahead: Uniform Tax on Foreign Income: After a four-year residency, all individuals will be subject to UK taxes on worldwide income and gains, eliminating the "remittance basis" which taxed only the income brought into the UK. Initial Tax Relief: Newcomers will enjoy a full tax exemption on foreign income and gains during their first four years in the UK. Transitional Relief in 2025-26: A 50% reduction in the taxable amount of personal foreign income for those transitioning from the remittance basis. Special Repatriation Rate: A 12% tax rate will apply to previously earned foreign income and gains repatriated to the UK, available for two years until April 2027. Inheritance Tax Update: The government will transition to a residence-based inheritance tax system, with specifics to be detailed later. This overhaul aims to foster a more equitable tax landscape, ensuring that after a brief acclimatization period, everyone contributes fairly to the UK's public finances, regardless of their origin. Stay tuned for further details on the implementation of these critical reforms. #UKTaxReform #Finance #GlobalMobility #erglegal #taxplanning #relocation #portugal

📣 Attention, Canary Islands! 📣 We have incredible news for you! On September 5th, 2023, the Decree Law 5/2023 was published, bringing a game-changing modification to the Inheritance and Gift Tax. 📜✨ 🌟 What does this mean for you? 🌟 ➡️ Say goodbye to hefty taxes on your loved ones' gifts and inheritances! ➡️ Protect your family's financial future! ➡️ Keep more of what's rightfully yours! Don't miss out on this crucial update. Click the link below to get all the details and ensure you benefit from this historic change. 📈💰 👉 Learn More https://bit.ly/467AJt0 👈 Need expert advice on this? Contact the EBF Consulting team for personalized guidance. Email us at admin@ebfconsulting.com. 📧🤝 #CanaryIslands #TaxUpdate #FinancialFreedom #InheritanceTax #GiftTax

UK tax overhaul: the Conservatives’ recent Budget proposals have been raising eyebrows. Mirroring policy pledges by Labour, the 200-year-old ‘remittance basis’ system, which allows non-domiciled residents to only pay UK tax on income brought into the country, could be abolished. It would be a bold move, redefining overseas income and gains for an estimated 70,000 foreign nationals who live in the UK. Flick Gocke Schaumburg’s Michal Fabian Kühn and Barbara Sarrazin set out the implications for UK and international taxpayers, explaining the implications for UK residency and inheritance tax rules in the #FGSBlog Read the english article here ⏩ https://lnkd.in/eeRRPGdG Read the german version here ⏩ https://lnkd.in/ehaGmhVS

[ Offshore Tax ] Let's talk about France's Wealth Tax. With Hervé Israel and Derren Joseph EA #FrenchWealthTax #IFIWealthTax #SolidarityWealthTax #FrenchTaxation #RealEstateAssets #TaxLiability #WealthManagement #TaxationInFrance #TaxationRules #PropertyTax #TaxationAbroad #AssetThreshold #TaxCalculation #InternationalTax #TaxImplications #WealthyLiving #TaxpayersGuide #FinancialPlanning #TaxCompliance #TaxLaws