Japan is giving out tax credits and benefit payments in 2024 to most of population

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RetireJapan – Personal Finance in Japan

Күн бұрын

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@GTV-Japan 4 ай бұрын

3:08 thank you! The answer nobody else would give and I couldn’t find!

@sam2303 4 ай бұрын

Thank you for all japan updates👍👍🙏🙏

@RetireJapan_OG 4 ай бұрын

My pleasure!

@r3s47 4 ай бұрын

Thank you for the update, when is the PDF book on Nisa will be finished. Been waiting for a while now.

@RetireJapan_OG 4 ай бұрын

June 30th as announced on the sales page 😀 retirejapan.gumroad.com/l/sLEXJ

@r3s47 4 ай бұрын

@@RetireJapan_OG thank you. I didn’t see that announcement. Thank you for the fast reply.

@RetireJapan_OG 4 ай бұрын

@@r3s47 My pleasure! Excited to send the Guide out next week 😎

@ChristopherCricketWallace 4 ай бұрын

18 million yen is HIGH. I read on some Japanese govt site that average Japanese salary in 2024 is around 4 Million

@ellebrook3413 4 ай бұрын

As someone on an unimpressive salary who therefore pays pretty low income tax anyway, I'd have much preferred the full 40000 off my 住民税 as that is one of the 3 salary drains for me (along with health/pension) . As you said it's a pretty wide range from from crap pay →18 million, so as ever, the wealthy will get something else they don't need and for those of us feeling the cost of living pinch, it's a mere drop in the ocean.

@RetireJapan_OG 4 ай бұрын

Yep, cash handouts like in the pandemic would probably have been better!

@ShikokuFoodForest 4 ай бұрын

Do you know if I may qualify for the benefit payment considering my income for 2023 was ¥0?

@RetireJapan_OG 4 ай бұрын

You'd have to check with your local authority. Much more detail here: www.reddit.com/r/JapanFinance/comments/1cdat2t/guide_to_the_2024_antideflation_tax_credits_and/

@shibafujiwatches2808 4 ай бұрын

It would have been much better to give a lot more over a year to people who really need it - single mothers who can’t afford to take care of their kids properly. I don’t know what they were thinking by giving to people who are even just getting by. Give it to those who are really hurting.

@karlint39 4 ай бұрын

I suppose people who have recently become unemployed still have to pay residence tax (so they're not eligible for the 100,000 yen payment you mentioned at the beginning) but if they are not getting a pay check, or if their new pay check is very low, there's not anything to deduct the payment from. Perhaps it is a very rare case, but depending on the actual implementation, it seems like there may be some people who fall through the cracks and can't get the benefit. In any case, I really enjoy your videos!

@ShikokuFoodForest 4 ай бұрын

Residence tax is based on your previous year’s income, so becoming recently unemployed may unfortunately be irrelevant.

@karlint39 4 ай бұрын

@@ShikokuFoodForest Yes, I know. Apparently if you are not employed the local government tax office will just send you a bill for the residence tax (based on your previous year's income). This year, however, the bill they send has the tax credit pre-deducted, so the unemployed person will not overpay. It really does seem unnecessarily complicated, but hey, it's money from the government. Eventually the money is taxpayers' money so it's not really free, but oh well.

@ShikokuFoodForest 4 ай бұрын

@@karlint39 As usual in Japan, the government often has rules and devises ways to avoid having to provide these benefits. Notice it’s a tax credit, rather than a financial benefit payment. I do not need to pay residence tax this year anyway since my 2023 income was ¥0, so for me the benefit will likely provide no advantage, but no sure right now.

@karlint39 4 ай бұрын

@@ShikokuFoodForest The implementation is less-than perfect, and I know what you mean about the government advertising big benefits but when it comes down to it there are reasons why they don't pay, but all-in-all with child care and medical care, schooling, etc. at least now (who knows about 10 or 20 years from now), the Japanese system seems to do a pretty good job at providing a baseline level of benefits for most of society. It doesn't impact me yet, but I have the feeling US Social security monthly payments are far greater than Japanese pension payments, though.

@ShikokuFoodForest 4 ай бұрын

@@karlint39I’m Canadian, so am not so familiar with US social security payments. But from what I’ve heard Japan Pension pays perhaps equivalent to $500~$600US. I expect US social security is at least double, perhaps triple. With the aging population in Japan (something like well over 50% are over 50 yrs. old.) + the shrinking population, Japan Pension funds likely won’t last too far ahead into the future.