*NEWS*EPSON FAILS TO DECLARE INCOME TAX

  • Print
  • 2toner1-2
  • 05 02 2016 429716a-cig-clearchoice-banner-902x177
  • 4toner4
  • clover-depot-intl-us-ca-email-signature-05-10-2017-902x1772
  • cartridgewebsite-com-big-banner-02-09-07-2016
  • 161213_banner_futorag_902x177px
  • banner-01-26-17b
  • mse-big-banner-new-03-17-2016-416716a-tonernews-web-banner-mse-212
  • ink-direct-banner-902-x-177-v-1-2-big-banner-03-23-2017
  • futor_902x177v7-tonernew
Share

*NEWS*EPSON FAILS TO DECLARE INCOME TAX

 user 2006-06-07 at 12:08:00 pm Views: 53
  • #15741

    Seiko Epson Fails to Declare 2.8 Bil. Yen in Taxable Income
    Jun.
    06-TOKYO — Seiko Epson Corp. failed to declare some 2.8 billion yen in
    taxable income over six years to March 2005, it said Friday.A Tokyo
    Regional Tax Bureau investigation also found some 100 million yen in
    unauthorized transactions on the part of its former employee, it
    said.The amount of back taxes the leading printer maker was ordered to
    pay came to about 900 million yen.The company said in a news release
    posted on its website that it has accepted the charge, though its views
    on the matter differ with those of the tax authorities.The Tokyo tax
    authorities found that products the company sold through a Dutch
    subsidiary to other subsidiaries in Europe were priced lower than usual
    levels, generating smaller profits for the parent company, the company
    said. Those prices were varied in line with the price levels on local
    markets, but the authorities determined that the unrealized additional
    profits the company should have earned from the Dutch subsidiary are
    taxable, it said.During the probe, the authorities also found that the
    former employee misused 100 million yen between fiscal 1999 and fiscal
    2001, and judged that the company was hiding those transactions, it
    said.The former employee was embezzling part of the total sum and
    returned about 30 million yen to the company, it said, adding the
    company will not file a criminal complaint against the
    ex-employee.Seiko Epson is a world leader in ink-jet printers. It
    earned 1,549.5 billion yen on consolidated sales in the business year
    through March, with 120 group companies in Japan and abroad.