Japan - Overview (2024)

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Overview

Last reviewed - 09 July 2024

Japan, a nation in East Asia, is an archipelago of 6,852 islands in the Pacific Ocean. It is a constitutional monarchy, with Tokyo as its capital. The economy of Japan is the third largest in the world after the United States and the People's Republic of China. Japan's currency is the yen (JPY).

The PwC Japan group includes PricewaterhouseCoopers Japan LLC, PwC Consulting LLC, PwC Advisory LLC, PwC Tax Japan, PwC Legal Japan, and other related entities. Each entity is a member firm of the PwC global network in Japan, operating as a separate and independent legal entity. To address complex and diversified business challenges, PwC Japan consolidates the expertise of the assurance, advisory, and tax professionals working in these entities.

As a professional services firm with over 600 partners and staff, PwC Tax Japan provides assistance to clients with a variety of tax-related compliance and consulting services and has significant expertise and experience in global tax management, transfer pricing consulting, merger and acquisitions planning and execution, corporate recovery and reorganisation consulting, financial services and real estate consulting, and customs and indirect tax consulting.

Quick rates and dates

Corporate income tax (CIT) rates
Headline CIT rate (%)

23.2

Corporate income tax (CIT) due dates
CIT return due date

Within two months after the end of company's annual accounting period.

CIT final payment due date

Within two months after the end of company's annual accounting period.

CIT estimated payment due dates

Within two months after the end of the sixth month of the corporation's accounting period.

Personal income tax (PIT) rates
Headline PIT rate (%)

45, plus 2.1% surtax.

Personal income tax (PIT) due dates
PIT return due date

15 March

PIT final payment due date

15 March

PIT estimated payment due dates

31 July and 30 November

Value-added tax (VAT) rates
Standard VAT rate (%)

Consumption tax: 10

Withholding tax (WHT) rates
WHT rates (%) (Dividends/Interest/Royalties)

Resident: 20 / 20 / 0;

Non-resident: 15 / 20 / 20

Capital gains tax (CGT) rates
Headline corporate capital gains tax rate (%)

Capital gains are subject to the normal CIT rate.

Headline individual capital gains tax rate (%)

Gains arising from sale of stock are taxed at a total rate of 20.315% (15.315% for national tax purposes and 5% local tax).

Gains arising from sale real property are taxed at a total rate of up to 39.63% (30.63% for national tax purposes and 9% local tax) depending on various factors.

Net wealth/worth tax rates
Headline net wealth/worth tax rate (%)

NA

Inheritance and gift tax rates
Headline inheritance tax rate (%)

55

Headline gift tax rate (%)

55

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Japan - Overview (2024)

FAQs

What is the general overview of Japan? ›

Japan is an archipelago, or string of islands, on the eastern edge of Asia. There are four main islands: Hokkaido, Honshu, Shikoku, and Kyushu. There are also nearly 4,000 smaller islands! Japan's nearest mainland neighbors are the Siberian region of Russia in the north and Korea and China farther south.

Why do you want to go in Japan sample answers? ›

You can say: “I wanted to experience living in Japan because I admire Japanese culture, history, and lifestyle. And I wanted to explore its authentic aspects. I also admire the quality consciousness of Japanese companies, and working in such an environment will be a great learning opportunity.

Is 14 days in Japan too much? ›

Japan is a relatively small country, but there's a lot to see. While it may be challenging to see everything in Japan in just 14 days, with careful planning and prioritizing, you can definitely cover many major attractions.

What is Japan known as answer? ›

The Japanese people call their country "Nippon" or "Nihon," which literally translated means "source of the sun." It is loosely translated into English as "land of the rising sun."

How do you describe Japan? ›

Japan is a mountainous country, with two-thirds of its territory covered with forests. Most areas have a temperate climate with four distinct seasons, although Okinawa in the south is subtropical, and Hokkaido in the north is subarctic. Therefore Japan has great diversity of plant and animal life.

How much money is enough for 10 days in Japan? ›

The cost of a trip to Japan can vary, but for a 10-day stay, you can expect to spend between $1,500 and $3,000, depending on accommodation, meals, transportation, and activities.

How much would a 1 week vacation to Japan cost? ›

Cost of a Trip to Japan for 1 Week
Expense CategoryEstimated Cost Range
Public Transportation (Weekly)$10.50 – $35
Food (Total for Week)$105 – $210
Activities and Tours (Weekly)$35 – $210
Total Cost for 1 Week$1200 – $3000
2 more rows
May 30, 2024

Should I go to Osaka or Kyoto first from Tokyo? ›

The biggest decision you must make is which city to visit first: Osaka or Kyoto? Here, we'll suggest visiting Osaka first, but you could easily switch them around. Note that the two Osaka days here are a summary version of our Osaka 2-Day Itinerary.

Why is Japan famous for? ›

Japan is very famous for its unique blend of ancient traditions and modern innovations. Iconic elements include the stunning cherry blossoms, traditional tea ceremonies, samurai culture, and advanced technology such as bullet trains and robotics.

What does Japan call America? ›

There is two words in Japanese which refers to U.S.: アメリカ ('amerika' as read on 'America') or 米国 ('beikoku'). The former is written using katakana (as a direct transliteration of 'America') while the latter using kanji. The katakana one is often used in daily conversation, while the kanji one has a sense of formality.

Why is Japan called Nippon? ›

Both Nippon and Nihon literally mean "the sun's origin", that is, where the sun originates, and are often translated as the Land of the Rising Sun. This nomenclature comes from Imperial correspondence with the Chinese Sui dynasty and refers to Japan's eastern position relative to China.

What is the general worldview in Japan? ›

In Japan, some of the core values are thinking of others, doing your best, not giving up, respecting your elders, knowing your role, and working in a group. These concepts are taught explicitly and implicitly from nursery school into the working world.

What is the overview of Japan's government? ›

The executive branch is led by the Prime Minister, who is nominated through a Diet resolution followed by official appointment by the Emperor. The Prime Minister's office is supported by the Cabinet, which is comprised of Cabinet Ministers and Cabinet State Ministers who are designated by the Prime Minister.

What is a brief overview of Japan economy? ›

Japan has developed a highly diversified manufacturing and service economy and is one of the world's largest producers of motor vehicles, steel, and high-technology manufactured goods (notably consumer electronics).

What is the main thing Japan is known for? ›

Japan is a country famous for cherry blossoms, castles, samurai swords, and much more. The island nation has a vibrant history. It is packed with Shrines and religious sites. From technological buffs to history geeks to anime fans, every kind of traveller loves to visit the country.

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