In 2022, I started a tax consultation service for foreigners living in Nagoya and its suburbs. At the same time, I have started an attempt to publish in English.
In addition to writing miscellaneous thoughts on Japanese taxes, I will also provide a brief introduction to the Japanese tax system. I plan to post once a month, alternating with the Japanese version.
In this issue, I will introduce some of Japanese inheritance tax system.
Retirement allowances that should have been paid to the decedent and were received as a result of the decedent’s death, but which were confirmed within three years of the decedent’s death, are considered to be inherited property.
However, no inheritance tax will be levied on the tax-exempt portion.
The maximum amount of tax exemption is 5 million yen × the number of legal heirs.
This refers to the retirement benefits that the heirs are to receive upon the decedent’s death, as opposed to the retirement benefits already received by the decedent during his or her lifetime.