SoftBank Group fails to declare 377 mln USD in taxable income

Xinhua News,TOKYO
2020-08-04 22:00

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TOKYO, Aug. 4 (Xinhua) -- SoftBank Group Corp. on Tuesday said it had failed to declare about 40 billion yen (377 million U.S. dollars) in taxable income for the fiscal year that ended March 2019.

SoftBank Group has also been found to have made miscalculations related to foreign exchange losses and logged some costs in the wrong period.

Following the miscalculations and errors being pointed out by tax authorities, SoftBank Group was made to re-file its taxes.

In a statement made by the Japanese multinational conglomerate, it said it had amended the errors at the request of the Tokyo Regional Taxation Bureau.

SoftBank Corp., the group's major mobile phone carrier, was also found to have under-reported income resulting in a back tax surpassing 1 billion yen (9.42 million U.S. dollars).

SoftBank Corp. said it had also re-filed its amended income with tax authorities.

Previously, in the business year through March 2018, SoftBank Group was found to have failed to declare about 400 billion yen (3.77 billion U.S. dollars) in taxable income.
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