Undeclared income of wealthy in Japan hits record high

TOKYO, Feb 20 (Japan Times) - The undeclared income of wealthy people totaled Y83.9 billion in the year through June 2022, up 72.3% from the preceding year and the highest annual level since data became available in the year to June 2010.

The record figure was revealed as a result of income tax investigations for the 2021 business year conducted by regional taxation bureaus across the nation.

The National Tax Agency is actively checking whether affluent people have filed income tax returns properly, focusing on large holders of securities and real estate as well as high-income earners and individuals who have made large overseas investments. ...continue reading