Japan: Certain residents must start to report overseas assets held at year-end

On March 30, 2012, the Diet approved the 2012 Tax Reform Bill, which included a new annual reporting requirement for tax residents in Japan with overseas assets of more than JPY 50 million in aggregate value. This reporting will start with 2013 year-end assets, and the first report will be due March 17, 2014.

More recently, in anticipation of the inaugural reporting year, the Japanese tax authorities have announced specific instructions, including a Circular issued in March 2013 to provide more clarity on the reporting of overseas assets.