Japan’s top retailer pays $900,000 in back taxes
April 21, 2008
Takashimaya hits transfer pricing troubles over Singapore business
The largest department store retailer in Japan – the Takashimaya Group – has said that it has been obliged to pay $900,000 in back taxes in relation to its Singapore operation. The company admits that it has failed to report trademark licence fee income from its branch in Singapore over a six year period. The earnings amount to $2.85 million and in consequence the Osaka Regional Taxation Bureau has levied an addition corporation tax bill of $900,000.
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