My friend sometimes would ask me to buy things for them. So I bought the items with my money first and and they would then paid me back by sending Japanese yen with Wise (remittance).
In this case, do I need to pay tax for that money? (would it be reported as an extra income?)
I’ve been living in Japan for years but am still confused of a lot of things about tax in Japan.
Please help!
6 comments
If you don’t make any profit on the transaction, then there’s no income to be reported.
I transfer money to my partner in Japan all the time. She’s never had an issue
If its enough so that it would look like you are doing business with it, Id keep tracked all transactions about it, just because you never know. If its something like 10,000 yen every now and then, its fine.
Nope it’s fine
I think you are fine, you did nothing commercial, just buying a few thing for a friend and they just payed you back.
You can also check the r/japanfinance sub for more help with taxes and money related issues. There are super educated people there, really helpful too!
It only becomes a problem when it goes over like, 10万 or something. You’d need to ask your bank specifically.
If its individual small deposits then there should be no problem.