Major Changes in Municipal Tax and Metropolitan Inhabitant Tax in 2013
Updated: January 15, 2013
Revision of deduction for life insurance premiums
Life insurance premium deduction will be revised as follows and will be applied from 2013 municipal tax / metropolitan inhabitant tax.
Insurance contracts, etc. concluded on or after January 1, 2012 (hereinafter referred to as “new contracts”)
(1) Creation of nursing care insurance premium deduction [applicable limit (upper limit of deduction amount) 28,000 yen]
(2) General life insurance premium deduction [applicable limit (upper limit of deduction amount) 28,000 yen]
(3) Individual pension insurance premium [applicable limit (upper limit of deduction amount) 28,000 yen]
*The total applicable limit [the upper limit of the total deduction amount of (1) + (2) + (3)] is 70,000 yen
| Annual premium paid | Deduction Amount | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 12,000 yen or less | Amount of premium paid | ||||||||
| Over 12,000 yen up to 32,000 yen | Premium paid x 1/2 + 6,000 yen | ||||||||
| Over 32,000 yen up to 56,000 yen | Premium paid x 1/4 + 14,000 yen | ||||||||
| over 56,000 yen | Uniform 28,000 yen |
Insurance contracts, etc. concluded before December 31, 2011 (hereinafter referred to as “old contracts”)
(1) General life insurance premium deduction [applicable limit (upper limit of deduction amount) 35,000 yen]
(2) Individual pension insurance premium [applicable limit (upper limit of deduction amount) 35,000 yen]
*The total applicable limit [the upper limit of the total deduction amount of (1) + (2)] is 70,000 yen
| Annual premium paid | Deduction Amount | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 15,000 yen or less | Amount of premium paid | ||||||||
| Over 15,000 yen up to 40,000 yen | Premium paid x 1/2 + 7,500 yen | ||||||||
| More than 40,000 yen and less than 70,000 yen | Premium paid x 1/4 + 17,500 yen | ||||||||
| over 70,000 yen | Uniform 35,000 yen |
When there are insurance contracts, etc. for both a new contract and an old contract, and both insurance contracts, etc. are applied
If the general life insurance premium deduction or personal pension insurance premium deduction is applied to both the new contract and the old contract, the total amount calculated using the respective calculation formulas for the new contract and old contract [the applicable limit for each deduction (deduction The upper limit of the amount will be 28,000 yen].
Amendments to Retirement Income
(1) The 10% tax deduction from the tax amount on retirement income will be abolished.
(2) For retirement income of corporate officers, etc. who have been employed for five years or less, the measure of multiplying retirement income by 1/2 will be abolished.
*Both (1) and (2) will be applied from retirement income to be paid on or after January 1, 2013.
Municipal tax and metropolitan inhabitant tax on retirement income
Inquiries about this page
Inagi City Citizens Department Taxation Division
2111 Higashi Naganuma, Inagi City, Tokyo
Phone: 042-378-2111 Fax: 042-370-7055
