Deduction for earthquake insurance


While AI is being discussed around the world, I believe that Japan’s AI strategy has some unique characteristics that cannot be found in other countries. The Japanese government has clearly stated that building a foundation for responding to disaster crises is an important issue for Japan as a disaster-prone country.

Many foreigners living in Japan may think that Japan is a safe country with relatively low crime.

However, Japan is an earthquake-prone country compared to other countries, and many Japanese do not pay attention to earthquakes that may occur in the future in their daily lives.

As far as taxes are concerned, one of the personal income tax deductions is the deduction for earthquake insurance.

Individuals who have paid for earthquake insurance can reduce their tax payments, but the tax benefit is so small that tax assistance is inadequate.

The system was introduced in 2007, and four years later, in 2011, the Great East Japan Earthquake occurred.

As the Japanese government focuses on disaster preparedness, perhaps it is time for us as individuals to become more aware of the dangers of disasters.