Japan's wealthy fail to declare record-high 84 billion yen in earnings

Japan's National Tax Agency has found that the country's wealthy failed to declare a record-high 83.9 billion yen in earnings during the year through June.

The agency found the unreported amount, worth roughly 604 million dollars and involving a total of 2,227 cases, during tax inspections conducted nationally through its regional offices.

The figure is the largest since comparable data became available in 2009, and is up 70 percent from the previous year.

The average amount of undeclared earnings per case stood at 37.7 million yen. The average among wealthy people who invested overseas was twice as high, at 78.4 million yen.
The average among the wealthy who invested in cryptocurrency came to 36.6 million yen, up 50 percent from the previous year.

The agency attributes the major increase in the amount of undeclared earnings found to increased cooperation with other countries in information sharing.