The National Tax Agency (NTA) is, according to the Nikkei Shimbun newspaper, working on a plan that could see rosenka land values re-adjusted in the event of a severe drop in market prices.
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Investing in highly-depreciable real estate overseas will quickly lose its appeal for Japan-based investors as the Japanese government closes a tax loophole.
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The government is firming up plans to extend the special tax reduction on annual property taxes that applies to new construction. It is hoped that the planned extension would help alleviate the added costs in buying new housing after the consumption tax rate was increased to 10% last month.
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The popular ski resort of Niseko in Hokkaido has joined the ranks of districts with accommodation taxes. Kutchan Town introduced the tax on November 1. It will apply to all types of accommodation providers, including hotels and minpaku-style operators.
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The Sapporo Regional Taxation Bureau has identified several domestic and foreign real estate companies and investors for failing to declare income made on real estate transactions in Niseko. Some say this recent bust may just be the tip of the iceberg.
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Owners of vacant land in disaster-hit areas following the 2011 Tohoku earthquake and tsunami, and Fukushima Daiichi nuclear disaster may see a steep hike in their property taxes from 2022 onwards.
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If you currently own property in Japan, you should be receiving your annual property tax bill this month or next. These taxes are owed by anyone who owns real estate in Japan, be it residential, commercial or otherwise. Those living overseas are taxed the same as those living in the country.
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The government has decided to extend the home loan tax deduction program for new home buyers to allow a three-year period whereby a home owner could deduct up to 2% of the building portion of their purchase price from their income tax. This is an effort to help support the housing market this year when the consumption tax rate is scheduled to increase to 10% from October 2019.
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Kyoto City is firming up plans to impose a nightly tax on providers of short-term accommodation, or ‘minpaku’-type rentals. If approved, it could go into effect from October 2018.
Under the proposal, hosts or providers may be taxed at 200 Yen per night on accommodation that is priced at under 20,000 Yen per person, per night, 500 Yen on nightly accommodation that is between 20,000 ~ 50,000 Yen, and 1,000 Yen on nightly accommodation that is over 50,000 Yen.
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Kyoto City is looking into introducing a tax on holiday home owners. In recent years, the number of out-of-town buyers of homes and apartments in the historic city has grown. The homes sit empty for most of the year while the owners do not provide much in the way of tax revenue, leaving locals to carry the costs of maintaining the city’s infrastructure, and various local activities and programs.
Furthermore, increasing tourist numbers have led to intense competition for hotel development sites, pushing up real estate prices in the inner city areas to levels that are now unaffordable for the younger population.
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