Japan Tax Authorities Look to Ferret Out Hidden Overseas Wealth

Japan’s tax authority is turning up its scrutiny of high net worth individuals, armed with a new reporting rule.

As of April 1, taxpayers must report worldwide assets of more than 1 billion yen ($8.5 million), regardless of their incomes, a new approach that seeks to plug loopholes and shut down tax avoidance schemes overseas. The National Tax Agency is widening its net in search of high net worth individuals, or HNWIs, who have structured their holdings in such a way that they have little income, despite significant wealth.

And like many other countries, Japan is increasingly making ...