Itochu fails to declare income

1 March 2002

Trading company Itochu Corporation has been fined and made to pay back taxes for failing to declare ¥400 million in taxable income over the the construction of the Qinshan nuclear plant in Zhejiang, China.

Itochu was found to have made accounting mistakes in its tax reports over three years. It reported that it had paid ¥400 million for information fees to an agency in Hong Kong in connection with the Zhejiang project, for which it will be supplying turbines and generators. But the tax bureau judged that there was no substantial provision of information, and that the costs constituted taxable social expenses.

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