Toyota Boshoku Fails to Declare 2.8 B. Yen in Income

Economy

Nagoya, Nov. 7 (Jiji Press)--Japanese tax authorities have found that auto parts maker Toyota Boshoku Corp. <3116> failed to declare some 2.8 billion yen in taxable income over the two years through March 2018, informed sources said Thursday.

The Nagoya Regional Taxation Bureau slapped the company, based in Kariya, Aichi Prefecture, with some 70 million yen in additional taxes, the sources said. The taxes have already been paid, they said.

Toyota Boshoku sold three European loss-making subsidiaries in 2016 and booked losses on the sale by the year ended in March 2018, the sources said.

But the tax bureau apparently pointed out that the losses should have been booked in later years because the sale had not been completed by the year, the sources said.

"There were differences in views but we accepted the instruction and promptly made modifications and paid the tax," Toyota Boshoku said.

[Copyright The Jiji Press, Ltd.]

Jiji Press