Article 90-4Payment Reports on Consideration for Transferring a Beneficial Interest in a Trust

①A person set forth in the items of Article 224-4 of the Act who, in Japan, pays consideration for transferring a beneficial interest in a trust prescribed in Article 224-4 (Notice by Persons Receiving Consideration for Transferring a Beneficial Interest in a Trust) of the Act (hereinafter in this Article referred to as a "beneficial interest in a trust") (meaning the consideration prescribed in Article 224-4 of the Act; the same applies hereinafter in this Article) to a Resident or a Nonresident having a permanent establishment must, pursuant to Article 225, paragraph (1), item (xii) (Payment Reports and Notices of Payment) of the Act, submit a report stating the following matters, for each person receiving the payment of that consideration, to the district director having jurisdiction over the location of the office, place of business or other equivalent of the person making the payment that handles the payment of that consideration.

②In the case referred to in the preceding paragraph, where the amount of payment of consideration for transferring a beneficial interest in a trust to the same person during the year is 1,000,000 yen or less, the report under that paragraph concerning that consideration for transferring a beneficial interest in a trust need not be submitted.