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.

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

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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