Hello. Have there been any specific discussions around the subject topic?
I forget the details I once came across but understood that the penalty for not paying by the due date was some 3% p/a (charged daily) for the first month or so, and then this bumps up significantly to 9% thereafter. Is this more or less correct?
Is there any information on potential payment plans or the ability to make partial payments and would NTA consider reviewing cross border matters?
We've been dealing with a pretty complex case where probate approval is taking much longer than anticipated, and we've yet to obtain all information from financial institutions for our JP accountant to assess. We also got started late, as I was unaware of my liability until 2 months after the decadents passing.. I note that my residence is not in Japan.
These delays have meant that we're now very short on time to calculate tax that is due (which I have a good idea of what it is thanks to this sub) but more importantly, to action specific liquidation of assets in order to pay NTA.
Whilst it will be possible to pay by the due date, lost time has resulted in quickly closed/ing doors where we're limited on how to deal with hard assets, and looking to be forced to sell shares at a considerable loss in a market that reeks of a crash.
Sucking it up and paying the interest at 3% for a month isn't that all bad but we would prefer avoiding this. Being in arrears for tax is poor form and we don't want to be on their bad books either. Keep to hear thoughts on anybody who might have had a similar experience.
by Muntedpickle