Obligation to pay gift tax


The Internet has changed society.

We live in an era in which information easily crosses borders and knowledge is shared around the world.

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

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

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 would like 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 nationals.

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 yen, so if the value of the property exceeds this amount, you need to declare and pay tax.

For example, if your parents living abroad gave you a gift by transferring funds of more than 1.1 million yen to your account, you are required to file a tax return and pay taxes in Japan, even if the funds are in your account overseas.

〔The photo shows the Seto Inland Sea〕