Stocks
Withholding Tax on Foreign Stock Dividends — Why Does Double Taxation Occur? 外国株の配当金にかかる源泉徴収 — 二重課税はなぜ起きるのか
When you receive dividends from foreign stocks, you might notice that the amount deposited into your brokerage account is less than expected. To understand why, you first need to grasp the system.
Below is an explanation of the system's structure. Tax rates and declaration methods vary depending on individual circumstances and the tax laws of each year, so please be sure to confirm with your brokerage firm or a tax advisor before actually filing your taxes.
**First, It's Withheld Locally**
Dividends from foreign companies are subject to withholding tax at the time of payment according to the tax laws of that country. The amount deposited into your account is already net of one round of taxation.
These tax rates differ by country and also depend on whether a tax treaty with Japan is applicable. The amount you actually receive can vary significantly depending on whether a limited tax rate under the treaty applies or if the local standard tax rate applies without the benefit of the treaty.
For U.S. stocks, submitting a W-8BEN form is the deciding factor. If submitted, the treaty-based tax rate applies; if not, the standard tax rate without the treaty applies. Furthermore, this form has an expiration date and becomes invalid a few years after the year of submission. If you forget to renew it, you might not realize that your withholding tax amount has increased from a certain point onward.
**Next, It Becomes Taxable in Japan as Well**
Residents of Japan are subject to Japanese income tax on dividends earned abroad. This creates a situation where the same income is taxed twice.
The mechanism to adjust this is the foreign tax credit. By declaring the taxes paid in the foreign country during your final tax return, you can deduct them from your Japanese tax liability within a certain limit.
What's crucial is that this credit is not applied automatically. It only takes effect when you declare it. If you assume that everything is handled because tax is being withheld, the amount paid locally will not be refunded.
**Capital Gains are Handled Separately**
This is a point of significant confusion. While dividends follow the process described above, capital gains from selling stocks are treated entirely differently. In some cases, there is no withholding tax, and you must declare it yourself.
Because withholding tax on dividends occurs automatically, it creates an impression that 'taxes have been processed,' leading people to mistakenly believe the same applies to capital gains and neglect to declare them. This is the most common type of error.
**Exchange Rates Also Affect Gains and Losses**
Foreign currency-denominated assets carry two risks. Even if the price remains stable in the local currency, it can result in either a profit or a loss when converted to Japanese Yen. And it is the Yen-converted amount that is used for tax declarations. In years with significant currency fluctuations, the figures displayed on your brokerage app and those used for tax purposes can differ considerably.
**Practical Preparations**
It is essential to keep the annual transaction statements and foreign income tax documents issued by your brokerage firm every year. These serve as the basis for claiming tax credits. Organizing these documents in January or February will prevent you from rushing during the tax filing season.外国株の配当を受け取ると、証券口座に入る金額が思ったより少ないことに気づきます。仕組みを知らないと理由が分かりません。
以下は制度の構造の説明です。税率や申告方法は個人の状況と各年度の税制によって変わるため、実際の申告前には必ず取引証券会社または税理士に確認してください。
**まず現地で引かれる**
外国企業の配当は、その国の税制に従って支払い時点で源泉徴収されます。口座に入金される時点で、すでに一度課税された後の金額です。
この税率は国によって違い、また日本との租税条約が適用されるかどうかでも変わります。条約による限度税率が適用される場合と、条約の恩恵を受けられず現地の標準税率が適用される場合では、手取りが大きく変わります。
米国株の場合、W-8BENという書式の提出がこの分かれ目になります。提出していれば条約に基づく税率、していなければ条約なしの標準税率です。しかもこの書式には有効期限があり、提出した年を含めて数年で失効します。更新を忘れると、ある時点から源泉徴収額が増えているのに気づかない、ということが起こります。
**次に日本でも課税対象になる**
日本の居住者は、国外で得た配当も日本の所得税の対象です。ここで同じ所得に二度課税される状態が生まれます。
これを調整する仕組みが外国税額控除です。確定申告で外国に納めた税額を申告することで、日本の税額から一定の範囲で差し引けます。
重要なのは、この控除は自動では適用されないという点です。申告して初めて効きます。源泉徴収されているから何もしなくていい、と考えると、現地で引かれた分がそのまま戻らなくなります。
**譲渡益は別のルート**
混同が非常に多い部分です。配当は上記の流れですが、株を売って得た譲渡益はまったく別の扱いです。源泉徴収されない場合もあり、その場合は自分で申告する必要があります。
配当の源泉徴収が自動で行われるため「税金は処理されている」という印象が生まれ、譲渡益も同じだろうと考えて放置してしまう。これが最も多い失敗の形です。
**為替も損益の一部**
外貨建ての資産は二つのリスクを抱えます。現地通貨で横ばいでも、円換算では利益にも損失にもなり得ます。そして申告で使うのは円換算後の数字です。為替が大きく動いた年は、証券会社アプリの表示と申告上の数字が大きくずれることがあります。
**実務的な準備**
証券会社が発行する年間取引報告書と外国所得税の資料を毎年保管してください。控除を申請する際の根拠になります。1月か2月のうちに整理しておくと、申告時期に慌てずに済みます。
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