SoftBank Group Fails to Declare 40 B. Yen in Income
Tokyo, Aug. 4 (Jiji Press)--SoftBank Group Corp. <9984> failed to declare about 40 billion yen in income for the year ended in March 2019, the company and people familiar with the matter said Tuesday.
The undeclared income was uncovered in an investigation by the Tokyo Regional Taxation Bureau. No additional levies have been imposed on the company, as the undeclared income was offset by past losses, the people said.
According to the people, SoftBank booked some 17 billion yen in overstated foreign exchange losses on debts it borrowed in dollars from a Japanese subsidiary.
The tax bureau also pointed out that SoftBank failed to declare some 14 billion yen in performance fees paid to a foreign subsidiary that operates its SoftBank Vision Fund. The company also failed to report the total income of foreign affiliates properly.
SoftBank Corp. <9434>, a mobile phone unit of SoftBank, was found to have failed to report some 3 billion yen in income. Additional levies on the unit are believed to have totaled over 1 billion yen.
[Copyright The Jiji Press, Ltd.]