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SoftBank Fails to Declare Billions in Income

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Japanese tax authorities have found that SoftBank Group failed to declare about 40 billion yen (about 377 million USD) in income for the business year through March 2019.

Company sources said the Tokyo Regional Taxation Bureau pointed out that the corporation overstated losses due to miscalculations in exchange rates. The bureau also noted that SoftBank Group’s payment of bonus to an investment fund cannot be declared as expenses.

The authorities also said the company’s mobile phone subsidiary underreported some 3 billion yen (28 million USD) in income. Both SoftBank Group and SoftBank said they have amended their tax returns after the bureau’s notifications.