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Tuesday, Sep. 25, 2012

Fujitec fined for cheating on taxes

Jiji

Tax authorities have found that elevator maker Fujitec Co. failed to declare some ¥270 million in taxable income in the four years to March 2010, it was learned Monday.

The Osaka Regional Taxation Bureau reportedly determined that Fujitec maliciously concealed some ¥120 million of the amount.

The Hikone, Shiga Prefecture-based company has already paid some ¥100 million in back taxes, including a penalty.

According to sources familiar with the matter, Fujitec did not book as sales the utility fees paid by its overseas subsidiaries for the parent's elevator technologies. The company also made its income appear less than it actually was by reporting part of the sales a year later.

Fujitec declined to comment on the matter.



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