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Japan Targets Wealthy With Exit Tax
Japan could become the latest country to consider taxing wealthy individuals who move abroad to take advantage of lower rates. The government and ruling party lawmakers are considering an “exit tax,” under which people with over ¥100 million ($857,000) in financial assets would have to pay a tax on any unrealized capital gains on those assets if they moved out of Japan. Such a rule would prevent wealthy individuals moving to a location where taxes are low–such as Singapore or Hong Kong–where they could sell those assets and pocket the gains without paying millions or even billions of yen in taxes. The new ... (full story)