1.0WealthParkhttps://wealth-park.com/enTax Implications Chapter 2. Buying/Selling a Property in Japan - WealthParkrich600338<blockquote class="wp-embedded-content" data-secret="B5c7Wv9OkT"><a href="https://wealth-park.com/en/wealthpark-blog/20211203tax-buyingsellingapropertyinjapan/">Tax Implications Chapter 2. Buying/Selling a Property in Japan</a></blockquote><iframe sandbox="allow-scripts" security="restricted" src="https://wealth-park.com/en/wealthpark-blog/20211203tax-buyingsellingapropertyinjapan/embed/#?secret=B5c7Wv9OkT" width="600" height="338" title="“Tax Implications Chapter 2. Buying/Selling a Property in Japan” — WealthPark" data-secret="B5c7Wv9OkT" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"></iframe><script type="text/javascript">
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https://wealth-park.com/wp-content/uploads/2022/02/pexels-nataliya-vaitkevich-6863186-1-1024x682.jpg1200675In Chapter 1, we introduced the tax aspects of owning and letting a property in Japan. In Chapter 2 we will elaborate common taxes that overseas investors need to be considered when buying and selling a property. Taxes Involved in Buying a Property Real Estate Acquisition Tax Overseas investors are required to pay a lump-sum real estate acquisition tax to local governments that are determined based on the locations of their purchased properties. The real estate acquisition tax is calculated by (the valuation of the property – tax allowance) x tax rate. In Japan, local governments are responsible for the valuation assessment of the properties. The certificate of the fixed asset valuation can be viewed and obtained by submitting a request to the city offices. The tax rate for land and residential properties is 3%, while the tax rate for non-residential properties is 4%. In addition, investors receive tax deductions under the circumstances listed below. Registration and License Tax Some registration procedures are involved in the process of property transactions in Japan, resulting in the tax registration requirements. When buying...