During the months of September and October 2019, the National Tax Authority in Japan (“NTA”) collected financial information on over 1,8 million foreign accounts under the Common Reporting Standard (“CRS”) (Link-Blog), which is an increase to volume collected last year of over 1,3 million accounts (Link-Japanese).
Such financial information was reported from 85 different countries worldwide. Furthermore, Japan provided financial information on 470,000 accounts to 64 countries, also under the CRS.
Last year’s expectation, to increase the volume of the exchanged information under CRS have been surpassed. Due to the significant increase of public interest on international tax avoidance cases, which include hiding assets overseas by the affluent class and corporations that conduct cross-border transactions and reducing tax burden using the mismatch in the tax systems and/or treaties among jurisdictions, the topic of international exchange of tax information was also introduced in Japan’s 2019 National Tax Agency Report (Link).