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href="https://web.archive.org/web/20160505054418/mailto:/?subject=Panama%20Papers%20furor%20highlights%20Japan%27s%20struggle%20with%20tax%20dodgers&body=Here%20is%20something%20from%20Nikkei%20Asian%20Review%20that%20might%20interest%20you%3A%0D%0APanama%20Papers%20furor%20highlights%20Japan%27s%20struggle%20with%20tax%20dodgers%0D%0Ahttp://s.nikkei.com/1VY8aYa">Mail</a></li> </ul> </div> <div class="article-box"> <div class="detail"> <div class="feature-article"> <div class="date-area">April 30, 2016 5:31 am JST</div> <h1 class="title">Panama Papers furor highlights Japan's struggle with tax dodgers</h1> </div> <img src="/web/20160505054418im_/http://asia.nikkei.com/var/site_cache/storage/images/node_43/node_51/2016/201604/20160430t/20160430_panama/4434747-1-eng-GB/20160430_Panama_article_main_image.jpg" width="580" alt=""/> <p class="img-caption"> The documents from Panama City-based Mossack Fonseca have sent shock waves through the international community. <span class="img-credit"> © AP </span> </p> </div> </div> <div class="article-box detail"> <div class="wysiwyg_area"> <div class="articleBodyText"> <p>TOKYO -- Leaked documents on offshore tax havens of prominent figures worldwide now raise the question in Japan of how to handle tax policy in the age of globalization.</p><p>A law firm here has fielded a wave of calls from wealthy clients worried that they may appear in the papers, which reportedly name 400 or so Japanese nationals. Aiming to attract customers nervous about the leak, firms specializing in tax avoidance are banding together in a network that excludes Panama -- home to the law firm from which the documents were taken.</p><div class="page_limit free"></div><div class="page_limit"></div><p>Dissatisfaction over taxes has driven some to pull up stakes and stay on the move. A 51-year-old from Japan began hopping between his home country, Hong Kong and Malaysia two years ago, seeking to avoid income taxes with frequent changes of residence.</p><p>Many business owners and others worried about such issues as inheritance stash assets in tax havens. One popular destination is the Malaysian territory of Labuan, which has no inheritance tax.</p><p>Hong Kong does not have an inheritance tax, either. A bank there catering to well-off clients has a relatively low minimum asset requirement of $100,000. Bank accounts in tax havens are often opened in the name of shell companies, obscuring the actual holders.</p><p>The steady outflow of money from Japan owes partly to steadily rising taxes on the wealthy. The top income tax rate sits at 45%, and shrinking deductions have increased the burden on high-earning office workers. And the country's inheritance tax is the highest in the Organization for Economic Cooperation and Development.</p><p>Tax reform worldwide since the 1990s has generally been seen as focused on broadening the base while cutting rates on income and assets to encourage individual success. But criticism of deteriorating finances and widening inequality has led to heavier taxation of high-income individuals in Japan. The well-off have rebelled by taking assets abroad.</p><p>The authorities are doing all they can to crack down on tax avoidance. The National Tax Agency implemented rules in January 2014 requiring disclosure of overseas assets exceeding 50 million yen ($469,400). It also levies income taxes on unrealized capital gains above a certain threshold when Japanese residents move out of the country.</p><p>Still, the authorities can do only so much when it comes to tracking down hidden assets. "When we recommended to one man with between 400 million yen and 500 million yen in undeclared overseas assets that he submit an amended report, he didn't come back," a tax accountant who used to work at the tax agency said with a wry smile.</p><p>The number of people declaring assets abroad increased 47% to 8,184 in 2014, while the amount reported grew just over 20% to more than 3.1 trillion yen. "That's an order of magnitude smaller than the real figure," another former tax agency employee said.</p><div class="page_break auto free"></div><div class="page_break auto"></div><p>Tax avoidance is not illegal. But as rising consumption taxes impose a heavier burden, the public may grow cynical if the rich are perceived as having special privileges in this regard, eroding the trust that forms the basis of the tax system. This could encourage activities that fall into gray areas close to illegal tax evasion, along with such crimes as money laundering.</p><p>Japan has 2.12 million people with net assets exceeding $1 million, the third-highest figure in the world, according to Credit Suisse Securities (Japan). 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