With Hong Kong taken over by Communist China’s central government, Singapore seems to be taking up the mantle as a global financial center for Asia. It’s just too small to ask the island state to cover the volumes of Asia. The Japan government and the politicians in Tokyo have expressed strong interest in stepping in that place. What do Japan politicians need to do to draw more global business and become a world financial center? Here are six things Japan politicians need to do for all visa categories except Permanent Resident
- Eliminate taxation on global assets
- Eliminate exit tax
- Eliminate taxation on global assets
- Exception from inheritance tax
- Eliminate all special taxes against high income like Recovery Tax
- Lower punitive tax rates for high income
it used to be a hub in the past.
but Lehman Brothers happened, then 3.11, and the rise of China all brought many banks and financial institution to recenter their operations either to Hong Kong, Singapore, Shanghai (few only in Shanghai).
From there they got a quite abundant pool of multilingual staffs, coverage of not only Japan but the whole APAC, allowing them to keep a small foot print in Japan only (the bare minimum) and most importantly much better taxes, and a geographical position where there aren’t any earth quake.
it will be hard to lure back those.
Dear PM Suga, call me when you’re free to chat. 🙂
No expectation anything happen. MOF and NTA will fight to the death.