Monday, September 1, 2014   

Court orders retraction of back taxes on IBM Japan
(05-09 18:18)

Tokyo court ordered authorities Friday to retract back taxes they had imposed on IBM's Japan unit for its alleged failure to declare some US$4 billion in income.
In 2010, the Tokyo regional tax bureau slapped the back taxes, worth some 120 billion yen, on IBM Japan's holding company, IBM AP Holdings.
The bureau had insisted that the group generated losses by manipulating intra-group trade of IBM Japan shares so as to evade taxation.
But the holding company, denying the allegation that it failed to declare 400 billion yen in income, filed a suit with the Tokyo District Court to seek the retraction of the taxes.
Presiding judge Kazuhiro Yagi said there was no ground to determine that the IBM group had attempted tax evasion.
"We deem that the ruling has accepted our company's position,'' IBM Japan's public relations office said in a statement.
"IBM takes the taxpayers' responsibility very seriously and will continue fulfilling its tax obligations not only in Japan but also in every country it does business.'' --AFP   
Other Business breaking news:
Alipay, Huawei to promote mobile fingerprint payment (09-01 18:19)
Sony founder nephew to head PlayStation unit (09-01 17:27)
Microsoft demanded to explain over monopoly accusations (09-01 17:15)
German machine-tool orders stagnate in July (09-01 16:29)
Novartis Japan admits concealing drug side effects (09-01 16:28)
Heineken says selling Mexican packaging business (09-01 16:27)
European stocks mixed at open (09-01 16:16)
Hang Seng, Shanghai finish higher (09-01 16:14)
Macau gaming revenue down in August (09-01 15:29)
Germany runs up surplus in first half (09-01 15:08)

More breaking news >>

© 2014 The Standard, The Standard Newspapers Publishing Ltd.
Contact Us | About Us | Newsfeeds | Subscriptions | Print Ad. | Online Ad. | Street Pts

 


Home | Top News | Local | Business | China | ViewPoint | CityTalk | World | Sports | People | Central Station | Spree | Features

The Standard

Trademark and Copyright Notice: Copyright 2014, The Standard Newspaper Publishing Ltd., and its related entities. All rights reserved.  Use in whole or part of this site's content is prohibited.   Use of this Web site assumes acceptance of the
Terms of Use, Privacy Policy Statement and Copyright Policy.  Please also read our Ethics Statement.