Japan Refunds Overpaid Tax On LogProstyle’s Dividend

LogProstyle Inc, a prominent Japanese real estate, hotel management, and restaurant management company, has announced that shareholders will be eligible for a refund of the Japanese withholding income tax applied to its recent cash dividend. This decision follows consultations with Japan’s National Tax Agency and clarifies the tax refund process for shareholders.

Cash Dividend Overview

LogProstyle, which recently declared a cash dividend of 0.023 dollars per share, initially withheld Japanese income tax at a rate of 20.42 percent. This rate applies to large individual shareholders, while non-residents and foreign corporations were subject to a 15.315 percent withholding rate. However, after further consultations with Japanese tax authorities, the company determined that certain shareholders were subjected to an overpayment of tax.

Japan’s Withholding Tax Rates

The withholding tax on dividends in Japan generally applies at different rates based on the type of shareholder. Non-residents and foreign corporations typically face a 15.315 percent rate, but large individual shareholders are taxed at 20.42 percent. Under certain conditions, Japanese tax law does not impose any withholding tax on other shareholders. LogProstyle is now in the process of applying for a refund for the difference between the amount withheld and the appropriate tax amount.

Refund Process for Eligible Shareholders

Eligible shareholders are required to complete a simple application process to receive the refund. The company has made available the Withholding Tax Refund Application Forms in both Japanese and English. Shareholders are urged to complete the necessary documentation and submit it either by mail or electronically to LogProstyle’s administration office in Tokyo. The refund is contingent upon the completion of these procedures and approval by Japan’s tax authorities.

Documents required for the refund include:

• A completed Withholding Tax Refund Application Form (available online in both Japanese and English).
• A Dividend Statement issued by the relevant securities company.

Importance of Proper Documentation

The tax refund is designed to ensure that shareholders who have overpaid withholding tax receive their entitled refunds. However, to process the refund, it is essential for shareholders to submit valid and complete documentation as outlined by LogProstyle. The company has taken the necessary steps to ensure that the refund process is as seamless as possible for its shareholders, but the ultimate approval rests with Japan’s tax authorities.

LogProstyle’s Commitment to Shareholders

As a company that values transparency and shareholder trust, LogProstyle is working diligently with Japan’s National Tax Agency to ensure that the tax refund process is clear and efficient. The company’s efforts to maintain a fair approach to tax withholding and refunds reflect its broader commitment to responsible corporate governance.

The company has also emphasized that shareholders must ensure they provide all requested information and meet all deadlines for application submission. The refund process will be carried out as soon as the company receives approval from Japan’s tax authorities.

Overview

This move by LogProstyle provides clarity to shareholders about the refund of withheld income tax on their cash dividend. By engaging directly with Japan’s tax authorities and simplifying the refund process, the company is ensuring that its shareholders are not unfairly burdened by tax overpayments, thus enhancing the company’s reputation and commitment to fair financial practices.

For LogProstyle, which operates in the hospitality, real estate, and development sectors, maintaining a strong relationship with shareholders is crucial, and this initiative will likely foster greater trust among its investor base, ensuring long-term shareholder satisfaction and loyalty.

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