Did you know: Atami City has a special tax on holiday homes

The popular beachside resort area of Atami in Shizuoka levies a special tax on owners of holiday homes and resort apartments within the city. Called a "besso" tax (besso = holiday house), it is very similar to a municipal tax. This tax is only charged on properties in Atami City, and is not found anywhere else in Shizuoka Prefecture.Read more

by Zoe Ward

Consumption Tax Increase: How will it affect buying apartments still under construction?

With the planned increase in consumption tax receiving approval by Parliament last Friday, buyers of as-yet uncompleted apartments may be hit with the higher tax.

According to the tax plan agreed to on August 10, the consumption tax will increase to 8% from April 1, 2014, and 10% from October 1, 2015.Read more

by Zoe Ward

Revisions to inheritance tax in Japan

There has been recent movement to increase the inheritance taxes and reduce the tax deductions as a way to distribute wealth. Osaka Mayor Toru Hashimoto has even suggested collecting the entire inheritance so that no wealth is passed onto the next generation.

The revision to the inheritance taxes in Japan was scheduled to go in effect from April 2011, but was delayed due to the Tohoku disaster. The current economic climate suggests that taxes will be increased, and the terms of the increases may be decided this year.Read more

by Zoe Ward

Fixed asset tax deductions extended 2 years

The Government's Select Committee on the Taxation System has decided to extend the fixed asset tax reduction that applies to brand new homes and apartments. The reduced tax benefit will be extended an additional two years. Under this new plan, the annual fixed asset tax on a brand new apartment or home will be halved for the first five years since construction. The tax applies to all new residences, including those purchased to be rented out as an investment.Read more

by Zoe Ward