Japan to Weaken Tax Burden on Long-Term Foreign Residents, Reports Say

Under the current laws, Japan levies an inheritance tax on foreigners' overseas assets, provided that they have lived in the country for over ten years, but a special measure may make them exempt from that requirement, the agency's sources say.

Tokyo will also allow companies that are not listed at the stock exchange to claim payments to their executives as business expenses to reduce their corporate taxes.

The measures are said to be part of the tax reform package for 2021 fiscal year. Last year the former Japan's prime minister announced decisive mesures to ensure GDP growth. Among them was named fiscal and monetary stimulus to support bussiness activity and revive consumer demand.