{"slug":"us-dividend-tax-for-japanese-investors","qid":"nisa_vs_taxable","label":"One Apple dividend per share, in yen, across four account setups","post_title":"US Dividend Tax for Japanese Investors","post_url":"/blog/us-dividend-tax-for-japanese-investors#q-nisa_vs_taxable","columns":["label","gross_yen","us_withheld_yen","japan_tax_yen","credit_yen","kept_yen"],"rows":[{"label":"Taxable (tokutei koza), W-8BEN","gross_yen":40.5,"us_withheld_yen":4.05,"japan_tax_yen":7.4,"credit_yen":4.05,"kept_yen":33.1},{"label":"NISA, W-8BEN","gross_yen":40.5,"us_withheld_yen":4.05,"japan_tax_yen":0,"credit_yen":0,"kept_yen":36.45},{"label":"Taxable, no W-8BEN","gross_yen":40.5,"us_withheld_yen":12.15,"japan_tax_yen":5.76,"credit_yen":4.05,"kept_yen":26.64},{"label":"NISA, no W-8BEN","gross_yen":40.5,"us_withheld_yen":12.15,"japan_tax_yen":0,"credit_yen":0,"kept_yen":28.35}],"shape":"table","sql":"WITH\n    150.0 AS jpy_per_usd,\n    (\n        SELECT argMax(toFloat64(cash_amount), ex_dividend_date)\n        FROM global_markets.stocks_dividends\n        WHERE ticker = 'AAPL'\n          AND ex_dividend_date >= today() - 200\n          AND ex_dividend_date <= today()\n    ) AS div_usd\nSELECT\n    tupleElement(scenario, 1)                                                                     AS label,\n    round(div_usd * jpy_per_usd, 2)                                                               AS gross_yen,\n    round(div_usd * jpy_per_usd * tupleElement(scenario, 2), 2)                                   AS us_withheld_yen,\n    round(div_usd * jpy_per_usd * (1 - tupleElement(scenario, 2)) * tupleElement(scenario, 3), 2) AS japan_tax_yen,\n    round(div_usd * jpy_per_usd * tupleElement(scenario, 4), 2)                                   AS credit_yen,\n    round(div_usd * jpy_per_usd * (1 - tupleElement(scenario, 2)) * (1 - tupleElement(scenario, 3))\n          + div_usd * jpy_per_usd * tupleElement(scenario, 4), 2)                                 AS kept_yen\nFROM\n(\n    SELECT arrayJoin([\n        ('Taxable (tokutei koza), W-8BEN', 0.10, 0.20315, 0.10),\n        ('NISA, W-8BEN',                   0.10, 0.0,     0.0),\n        ('Taxable, no W-8BEN',             0.30, 0.20315, 0.10),\n        ('NISA, no W-8BEN',                0.30, 0.0,     0.0)\n    ]) AS scenario\n)\nORDER BY us_withheld_yen ASC, kept_yen ASC","computed_at":"2026-10-04T15:07:34.984267+00:00","elapsed":0.045607391}