Japan's Wealthy Fail to Declare 65.5 B. Yen in Income

Tokyo, Nov. 29 (Jiji Press)--Wealthy people in Japan failed to declare a total of 65.5 billion yen in taxable income in the year through June, down 33.2 pct from the year before, a National Tax Agency report showed Friday.

During the year, the agency conducted 2,407 investigations targeting the wealthy, including those with significant holdings in securities and real estate, down 18.2 pct. It collected back taxes totaling 17 billion yen, down 7.1 pct.

Undeclared income among all people subject to investigations, including the wealthy, rose 10.2 pct to a record 996.4 billion yen. Total back taxes grew 2.2 pct to 139.8 billion yen, also a record high.

The agency attributed the rise partly to the full-fledged use of artificial intelligence technology to make investigations efficient.

Business management consultants concealed the largest amount of taxable income per case, at an average of 38.71 million yen. They topped the list last year as well.

[Copyright The Jiji Press, Ltd.]