Olympus Said Facing Y5 Billion Back Tax from Deal
July 03 2012 - 12:50PM
Dow Jones News
TOKYO (Nikkei)--Olympus Corp. (OCPNY) has been assessed 5
billion yen in back taxes and penalties by the Tokyo Regional
Taxation Bureau stemming from its acquisition of U.K. medical
equipment firm Gyrus Group Plc in 2008, The Nikkei reported early
Wednesday.
Following the completion of a criminal investigation into
Olympus' earnings falsification by the Tokyo District Public
Prosecutors Office and others, the taxation bureau audited the
scandal-tainted company. This led to the assessment that the major
Japanese precision equipment maker under-reported its income by
about Y15 billion for the five years through March 2011.
The undeclared Y15 billion is what Olympus claimed to have paid
for financial advice it received in relation to its acquisition of
Gyrus. But it has since been found that the funds were in fact used
to secretly write off a portion of its concealed losses, which
successive management at the company had hid by falsifying
financial statements.
The taxation bureau is believed to have ruled that the Y15
billion doesn't qualify as an expense for the acquisition and
decided to seek roughly Y5 billion in back taxes and penalties.
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