Japan IBM 'concealed 400 bil. yen taxable income'

[FarCenter]

The Yomiuri Shimbun

The Japan IBM Ltd. group is believed to have failed to report almost 400 billion yen in taxable income over a five-year period up to 2008, sources familiar with the case said.

This came to light after the Tokyo Regional Taxation Bureau conducted a tax inspection on the group. It has been determined that the purchase and sale of Japan IBM shares among member corporations of the group incurred what appeared to be transaction losses worth 400 billion yen, leaving the group with no income to be taxed, according to the sources.

The taxation bureau has concluded the intra-group transaction in question was designed to avoid declaring taxable income equivalent to the sum of the group's reported losses, the sources said.

The tax authorities likely will impose more than 30 billion yen in back taxes, including a penalty for the group's undeclared income, after notifying the IBM Japan group of its finding.

<SNIP>http://www.yomiuri.co.jp/dy/business/T100318006522.htm

[ConcernedCanuk]

1. aw heck, they are just tryna be more "American"

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I mean, what is it with billionaire companies off-shoring and outsourcing?

MAKE MORE DOLLARS!

anyway you can