SoftBank under-reported income by $380M in FY 2018-2019: source

According to source with knowledge of the matter at hand, SoftBank Group Corp has under-reported its income to Japanese tax authorities by nearly $380 million (40 billion yen) for the financial year ending March 2019; it will now have to refile its income tax filing.

“The under-reported income was offset by losses recorded that year,” said the source as a result, no additional tax was paid.

In a statement SoftBank said, it was told that it had booked expenses in the wrong period, had under-reported income at overseas affiliates and had made calculation errors when converting foreign denominated debt.

According to a spokesman for SoftBank’s domestic wireless unit, it was told that it had under-reported its income by 3 billion yen, which was booked in the wrong period. It has paid additional tax of more than 1 billion yen, said the company’s spokesman.

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