Obligation to pay gift tax


The Internet has transformed society.

We live in an era where information easily crosses borders and knowledge is shared across the globe.

In the long history of humanity, technological innovations in recent decades have made it possible for people with shared values to connect on a global scale.

As a result, a cryptocurrency has emerged that is not bound by national or ethnic boundaries, and has even become legal tender in some countries.

I believe that cryptocurrency is highly compatible with libertarianism and could become an attractive currency for some wealthy individuals who want to solve their tax problems.

Changing the subject, I want to talk about the gift tax in Japan.

If you are a resident of Japan, regardless of your nationality, you are subject to the same tax obligations as Japanese citizens.

If you receive something of property value from someone, you may be required to declare and pay tax on it. The basic exemption is ¥1.1 million, so if the value of the property exceeds this amount, you must declare and pay tax.

For example, if your parents living overseas gave you a gift by transferring funds in excess of ¥1.1 million to your account, you will be required to file a tax return and pay tax in Japan even though the funds are in your account overseas.

〔The photo shows the Seto Inland Sea〕