SoftBank under-reported income by $380 million: source

SoftBank Group Corp (9984.T) under-reported income to Japan’s tax authorities by around 40 billion yen ($380 million) in the financial year ended March 2019, a person with knowledge of the matter said, requiring the conglomerate to resubmit filings. The under-reported income was offset by losses recorded that year, the person said, meaning no additional tax was paid. SoftBank was told it booked expenses in the wrong period, made calculation errors when converting foreign denominated debt and under-reported income at overseas affiliates, SoftBank said without providing details. SoftBank’s domestic wireless unit, SoftBank Corp (9434.T), was also told it under-reported income by 3 billion yen due to booking expenses in the wrong period, a spokesman for the telco said. It paid additional tax of more than 1 billion yen, the spokesman said.

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