Undeclared Income Continues To Plague Japan Reaching A Record High

News Asia 360
ByNews Asia 360

It’s now totalling ¥83.9 billion in the year through June 2022. That’s a 72.3% increase from the previous year, setting the highest annual level recorded since data became available in June 2010.

According to The National Tax Agency, back taxes collected doubled from the previous fiscal year, amounting to ¥23.8 billion. On average, the undeclared income is ¥37.67 million per individual and the amount of back taxes came to ¥10.67 million. Both amounts set record highs.

Currently, the agency is actively investigating and exchanging information with foreign authorities in hopes to maintain fairness among taxpayers across different income groups.

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