Temple wins appeal over tax bill
A temple in Osaka has won an appeal trial over the taxation of land within the temple grounds, resulting in the cancellation of a 4.8 million Yen tax bill. Under the Religious Corporations Act, temple and shrine land is normally not taxed unless it is for commercial use.Read more
High-rise apartments may soon lose their inheritance tax appeal
Apartments, particularly those in high-rises, have been a very appealing means of reducing inheritance taxes due to the way real estate is valued for estate purposes. That may soon change with the National Tax Agency (NTA) firming up plans to value apartments closer to their market price.Read more
Kyoto City's 'akiya' vacant home tax approved
Kyoto City’s plan to tax owners of vacant homes was approved by the Ministry of Internal Affairs and Communications in March, which means some ‘akiya’ or unoccupied homes will come with an additional annual tax. The new tax will not be imposed immediately - it may start in the 2026 fiscal year - and will not be applied to all vacant homes.Read more
Kyoto may be first city in Japan to introduce a tax on empty homes
Kyoto City is looking at introducing a special tax on vacant ‘akiya’ homes, in what could become the first akiya tax in Japan.
Commercial landowners will likely receive a tax break in 2022
Both the Komeito political party and the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) are seeking that property taxes for commercial land receive some kind of tax relief next year. The leading Liberal Democratic Party also seems to be in favor of this measure.
Home loan tax deduction may be reduced in 2022
The cash loophole from the 1% home loan income tax deduction is about to be closed as the government looks to revise the percentage down next year.
13-year home loan tax deduction deadline is November 30
With the deadline to apply for the 13-year home loan income tax deduction coming this November, should buyers rush in to purchase or wait to see if it is extended? This scheme allows homebuyers to deduct a percentage of their home loan balance from their income taxes each year for 10 ~ 13 years (the 3-year extension is the one with the looming deadline).