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Economy

Japan tax watchdog obtains data on 400,000 overseas accounts

Citizens reported only around 9,000 foreign accounts in 2016

Japanese tax authorities have been cracking down on efforts by wealthy people to hide their assets from the government.
Japan joined an effort led by the Organization for Economic Cooperation and Development designed to uncover wealthy tax evaders.   © Reuters

TOKYO -- Japan's National Tax Agency collected information on 400,000 overseas bank accounts held by Japanese individuals in about 50 countries and regions as part of efforts to uncover assets stashed abroad, a source told Nikkei on Sunday.

The number of accounts dwarfs the roughly 9,000 reported by Japanese citizens in 2016 through filings legally required for anyone keeping over 50 million yen ($446,000) in foreign assets. The tax agency will compare the two sets of information as part of its hunt for hidden assets.

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