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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.
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