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Universal fined in Japan over tax dispute
By CMU Editorial | Published on Tuesday 17 July 2012
While regulators in Japan have approved Universal’s bid to buy EMI, that doesn’t mean all Japanese authorities are pleased with the mega-major. The Tokyo tax authorities have just fined the music company $38 million for failing to declare nearly $101 million in taxable income, according to Variety.
Though, to be fair, the tax issue has arisen as a result of money moving around and between different corporate entities within the Universal group. The major says that it believes its actions were all “appropriate procedure under tax law”, but the Tokyo tax man reckons the company did some restructuring simply to trim its tax bill in the country.
