Japan's wealthy taxpayers' undeclared income hits record high

TOKYO, Nov 24 (News On Japan) - The amount of undeclared income by wealthy people in Japan has reached a record high of 98 billion yen, among the worst offenders being scrap gold wholesalers, breeders and yakiniku restaurants, the National Tax Agency announced on Friday.

"The National Tax Agency annually publishes a ranking of industries with high amounts of undeclared income. This time, the top five are management consultants, scrap gold wholesalers, breeders, yakiniku restaurants, and tile contractors," says Izumi Oguri, Nippon Television Chief Commentator.

"This investigation introduced several instances of high-value tax evasion. Notably, it includes influencers," Oguri continues.

"Influencers who introduce products on social media and receive compensation from companies based on their follower count were cited as cases not declaring part of their income. According to tax accountants, some thought they wouldn't get caught as it's online."

"There are also instances, though not included in this investigation, where women known as 'paid-to-drink' participate in drinking parties for cash, failing to declare income paid by the companies running these matching apps."

"Lack of tax knowledge often leads to non-declaration."

Oguri mentions that "Breeders had cases of not declaring cash sales from pet auctions."

"A tax accountant and former chief examiner of the Tokyo National Tax Bureau, Hiroyuki Sato, analyzes that breeders saw an increase in undeclared income due to higher 'nesting demand' during COVID-19, while bars and hostess clubs have ranked lower due to the pandemic's impact."

Commercial broadcasting's official streaming service TVer (ティーバー) has reached a new milestone with its January 2024 monthly video views surpassing 400 million and total app downloads hitting 70 million. The number of monthly users has also reached a record high of 35 million MUB (Monthly Unique Browsers).

Sony Group's gaming subsidiary, Sony Interactive Entertainment, has announced that it will be reducing its workforce by approximately 900 employees, which constitutes about 8% of its total staff.

The Ministry of Internal Affairs and Communications announced that the national consumer price index for January, excluding the volatile prices of fresh food, rose 2.0% compared to January of last year.

Omron Corporation, a major electronics manufacturer headquartered in Kyoto, has announced plans to cut about 2,000 jobs both domestically and internationally in response to deteriorating performance due to China's economic slowdown. In Japan, the company aims to solicit voluntary retirements for approximately 1,000 employees, which accounts for about 10% of its workforce.