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The National Tax Agency revealed that it acquired information on 550,705 bank accounts of the Japanese residents from overseas financial institutions. These financial institutions use a new system that automatically exchanges account information among countries around the world.

The National Tax Service (NTS) uses a new system that automatically converts account information of countries around the world and can make assets “glassed”. On the 31st, NTS obtained information on 55,705 bank accounts of Japanese people from the financial institutions in 64 countries and regions.

What was utilized was the system called “CRS” (Common Reporting Standard) formed by the Organization for Economic Cooperation and Development (OECD). There are merits that the overseas assets can be made transparent by automatically exchanging information. These are the balances of the accounts in financial institutions owned by non-residents and the amount of interest and dividend received in each country (102 countries and regions).

Japan exchanged information for the first time in September. It obtained information such as account balance, address, taxpayer number. In return, Japan provided account information of 80,672 bank accounts (preliminary figures) to overseas authorities in 58 countries and regions.

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