November 25, 2020 EBC Statement on the proposals to amend the inheritance tax regulations
The EBC Tax Committee has not been inactive during the past weeks and worked on an EBC Statement on the proposals to amend the inheritance tax regulations. The Japanese Government has recently indicated that it might remove, in some circumstances, worldwide inheritance taxation for foreign nationals. This has and continues to be a disincentive to remain in Japan beyond ten years over a 15 year-period. While the EBC welcomes the recognition of the Government of Japan that the inheritance tax burden is making it difficult for financial institutions to recruit and retain talent, the same applies to other industries. They are all vital for the Japanese economy. Therefore, the EBC strongly requests Japan to repeal the excessively high inheritance tax burden for foreigners.