Tokyo Investor Day
INTERGENERATIONAL WEALTH TRANSFER DRIVES ENHANCED
BANK CHANNEL OPPORTUNITY
• Inheritance tax system revisions effective January 1, 2015 subjects more people to inheritance
tax payments and increased rates
• Gift tax rates lowered to encourage wealth transfer during lifetime
• We believe Japanese consumers place high confidence in banks for these estate
planning elements
• Life insurance products offer attractive inheritance solutions
Percentage of People Subject to
Inheritance Tax Payment
Gift Tax Filings (3)
(in thousands)
500
489
470
After the tax
439
As of 2014(1)
law revision (2)
(January, 2015)
391
400
379
345
National
4.4%
Average
nearly 6%
289
300 273
Tokyo
7.5%
nearly 20%
200
2008 2009 2010 2011 2012 2013 2014 2015
National Tax Agency "State of inheritance tax return for 2014" and Tokyo Regional Taxation Bureau "State of inheritance tax return for 2014."
2) Survey by Legacy, tax accounting firm, published in 2013.
National Tax Agency, the Taxation System for Settlement at the Time of Inheritance is excluded.
Prudential
Tokyo Investor Day 9.15.2016
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