Japan Undeclared Income Linked to New Economy Hits 20 B. Yen

Society

Tokyo, Nov. 25 (Jiji Press)--Individuals failed to declare taxable income totaling 20.1 billion yen related to new forms of economic activity, including the sharing economy, in Japan in the year through June, the government said Thursday.

The amount of penalty taxes per case came to 4.94 million yen, 1.8 times the average among the total undeclared income cases that year, according to the National Tax Agency.

The sharing economy is an economic model in which goods, venues and skills are lent and borrowed via the internet.

The agency believes that many individuals engaging in such new economic activity as a side job fail to properly declare their income because they are not accustomed to tax-filing procedures.

The agency's regional taxation bureaus across the country investigated a total of 1,071 cases involving new forms of economy.

[Copyright The Jiji Press, Ltd.]

Jiji Press