Corporate income tax, individual income tax

Any income you earn in Japan is subject either to corporation tax (for companies) or income tax (for individuals). The complex Japanese tax system is hard to understand, even for Japanese people themselves. Since English is not widely spoken in Japan, the tax system can seem particularly daunting and confusing for foreigners. At Yoshimoto Tax Services, we can help you with any of your tax issues and concerns—in English!

Consumption tax

Consumption tax arises in both corporation tax and personal income tax. It is an indirect tax, so a company is liable to pay consumption tax even when running at a loss. This can put pressure on your company’s finances. It is therefore vital that you keep your accounts up to date on a monthly basis, and plan for any tax payments you need to make.
If your business is in exporting, doing your tax return monthly or every three months will help ensure your cash flows are stable and consistent.

Inheritance tax, gift tax

In matters of inheritance or donations in Japan, if you inherit an estate or receive a bequest, you are liable to pay inheritance tax or gift tax. The extent of the tax liability will depend on whether the decedent and heir are in Japan or abroad, and on whether the estate in question is in Japan or overseas. It is a highly complex issue, but we can help you—in English!

US tax returns

For United States tax purposes, you must file a worldwide inheritance disclosure even if you are living in Japan. At Yoshimoto Tax Services, we are able to refer you to tax accountants in the US if you require, and can work in close cooperation to assist with your US tax returns.

Accountancy services, book-keeping

We can translate financial statements and forms into English and provide accounts processing services using English software if you require. Businesses are required to keep a ledger in Japanese, but we can reproduce the necessary forms in English for your reference.

Help with corporation tax, consumption tax, income tax, depreciable property tax

Interim tax returns; final tax returns

We can prepare various types of tax return for you, and are happy to provide tax consultation services as required. We will promptly notify you of any changes in tax law, which is revised annually, and keep you updated on any useful information or developments as necessary. Our services include:

• Filing year-end adjustments
• Preparation of final accounts
• Filing revised tax returns, requests for corrections, late returns
• On-site assistance with audits by tax authorities

Monthly accounting, book-keeping services

We can handle monthly accounting and finance duties on your behalf, and, if you require, provide on-site tax consulting. We offer a comprehensive range of services tailored to your needs and requirements.
The general services we offer are outlined below. Please feel free to contact us if you have any other requests.

Book-keeping services:

• Checking for accounting errors and anomalies, accounting guidance
• Creating and maintaining journals and ledgers (book-keeping)
• Forecasts and estimates
• Payroll services

Assistance with legal notifications and audits

Submitting official notices

We can submit required notices to tax offices and prefectural and municipal authorities on your behalf.

Book-keeping training; help with introducing PC-based accounting

If you want to keep your accounting function in-house, our tax accountants can give you detailed guidance on a range of topics, such as double-entry book-keeping or different methods of entering and storing accounts data. If you wish to outsource your accounting, please see the “Monthly accounting, book-keeping services” section above.

Help with new consumption tax “reduced rates”

We can help you deal with the increase in consumption tax and its accompanying special “reduced rate,” which are planned for October 2019. We offer the following services:

• On-site briefings and teach-ins on tax changes to ensure your staff are fully prepared.
• to offset the costs related to the introduction of the new tax system, such as replacing and updating cash registers.

We particularly recommend grocery companies to prepare for the tax changes well in advance.