2024 tax reduction law passed
In the end of March 2024, Japanese Diets passed the law to reduce year 2024’s income and resident tax.
A review for the tax reduction of this year:
- Japanese residents registered as of June 1st 2024 will receive a tax reduction for their incomes in 2024. It will be 30,000JPY for income tax and 10,000JPY for resident tax. However, residents whose incomes are over a 20 million JPY will be out of a tax reduction of this time.
- If they have dependent family members (spouse, children, parents, and so on), then additional tax reductions will be given. However, if dependent family members live outside Japan then no tax reduction will be given.
- Employers will be in charge of tax reductions for their employees through reducing Gensen Choshu (源泉徴収, tax withholding).
Non-Japanese persons will be able to receive this tax reduction if they are a registered Japanese resident as of June 1st, 2024. For details, we will add them in the following articles in this blog.
For Detailed Information..
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