The chairman of the board of Nifco Inc., a major resin parts manufacturer that owns the English-language newspaper The Japan Times and the Simmons bed company as subsidiaries, failed to report about ¥1 billion (S$12 million) of income, resulting in unjustifiable tax avoidance, the tax authorities concluded, according to sources.
Toshiaki Ogasawara, 83, chairman of the Yokohama-based company listed on the First Section of the Tokyo Stock Exchange, was told by the Tokyo Regional Taxation Bureau that he had failed to report taxable income for three years until 2011.(…)
via Nifco chairman failed to report $12 million of income, AsiaOne Asia News.