Softbank Group Fails to Declare 400 B. Yen in Income

Economy

Tokyo, June 19 (Jiji Press)--Softbank Group Corp. <9984> failed to declare over 400 billion yen in taxable income in the year ended in March 2018, sources familiar with the matter said Wednesday.

Softbank booked massive losses when it transferred its shareholdings of British chip designer ARM Holdings PLC to an investment fund.

The Japanese company made the step because there were huge gaps between the price at which Softbank acquired ARM and the market-assessed value. But the Tokyo Regional Taxation Bureau did not recognize part of the gaps as losses, the sources said.

Softbank has already filed revised tax returns. No additional taxes have been imposed because of the losses, the sources said.

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