DENSO Files Complaint for the Rescission of the Supplementary Tax Assessment Order from the Nagoya Regional Taxation Bureau
November 26, 2014     Japanese 
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DENSO Files Complaint for the Rescission of the Supplementary Tax Assessment Order from the Nagoya Regional Taxation Bureau - JCN Newswire
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DENSO Files Complaint for the Rescission of the Supplementary Tax Assessment Order from the Nagoya Regional Taxation Bureau
 
Based on the Application of the Anti-Tax Haven Taxation Rule

Kariya, Japan, June 2, 2014 - (JCN Newswire) - DENSO Corporation, on June 22, 2012, received a supplementary tax assessment order from the Nagoya Regional Taxation Bureau (NRTB), pursuant to the provisions of the Special Taxation Act concerning tax havens.

The supplementary income assessment was approximately 13.8 billion yen, and the additional tax payment was approximately 6.1 billion yen, including local government taxes for DENSO's Singapore subsidiary for the fiscal years ending March 2010 and 2011.

DENSO, dissatisfied with the supplementary tax assessment order, filed an objection with the tax authorities on Aug. 20, 2012, but that objection was dismissed by the Regional Commissioner on Nov. 16, 2012. DENSO then filed a petition with the National Tax Tribunal on Dec. 14, 2012; however, on Dec.2 2013 the Regional Commissioner dismissed the objection filed by the company.

Believing that the rationale for the dismissal was unacceptable, the company filed a complaint with the Nagoya District Court for the rescission of the supplementary tax assessment order to protest its validity and to reach an agreeable conclusion for the company.

DENSO received a supplementary tax assessment notice from the NRTB on June 28, 2010, requesting the aggregate taxes on the profits of its Singapore subsidiary for the fiscal years ending March 2008 and March 2009. On Aug. 8, 2011, the company filed a complaint with the Nagoya District Court for the rescission of this supplementary tax assessment order. This case is currently pending in the court.

About Denso

DENSO Corporation, headquartered in Kariya, Aichi prefecture, Japan, is a leading global automotive supplier of advanced technology, systems and components in the areas of thermal, powertrain control, electronics and information and safety. Its customers include all the world's major carmakers. Worldwide, the company has more than 200 subsidiaries and affiliates in 38 countries and regions (including Japan) and employs more than 130,000 people. Consolidated global sales for the fiscal year ending March 31, 2013, totaled US$38.1 billion. For more information, go to www.globaldenso.com, or visit our media website at www.densomediacenter.com.

Contact:

Denso
Sadayoshi Yokoyama, Toshiko Watanabe 
DENSO CORPORATION 
Phone: 81-566-25-5594 

 


June 2, 2014
Source: Denso

Denso (TSE: 6902) (U.S: DNZOY)

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