SoftBank Group under-reported income to Japan’s tax authorities by ¥40 billion

It has been said on Tuesday, In the financial year ended March 2019 SoftBank Group Corp under-reported income to Japan’s tax authorities by around 40 billion yen,requiring the conglomerate to resubmit filings.

The person said, meaning no additional tax was paid. The under-reported income was offset by losses recorded that year.

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SoftBank said without providing details, SoftBank was told it booked expenses in the wrong period, made calculation errors when converting foreign denominated debt and under-reported income at overseas affiliates.

A spokesman for the telco said, SoftBank’s domestic wireless unit, SoftBank Corp, was also told it under-reported income by 3 billion yen due to booking expenses in the wrong period. It paid additional tax of more than 1 billion yen, a spokesman said.

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