Tokyo, Sept 5, 2014 - (JCN Newswire) - DENSO Corporation, on June 28, 2010, received a supplementary tax assessment order from the Nagoya Regional Taxation Bureau, pursuant to the provisions of the Special Taxation Act concerning tax havens. The supplementary income assessment was approximately 11.4 billion yen, and the additional tax payment was approximately 1.2 billion yen, including the local government taxes, covering DENSO's Singapore subsidiary for the fiscal years ending March 2008 and 2009. DENSO, dissatisfied with the supplementary tax assessment order, has been filing a complaint with the Nagoya District Court for the rescission of the supplementary tax assessment order. On Sept. 4, DENSO received the judgment for this assessment.
1. Development of the case
June 28, 2010 - DENSO received a supplementary tax assessment order
Aug. 26, 2010 - DENSO filed an objection with the Regional Commissioner
Nov. 24, 2010 - Objection filed by the Company was dismissed by Regional Commissioner
Dec. 22, 2010 - Filing of a petition with the National Tax Tribunal to seek a review
Aug. 8, 2011 - DENSO filed a complaint with the Nagoya District Court
Sept. 4, 2014 - Delivery of the judgment by Nagoya District Court
2. Contents of the Judgment
The court ruled the rescission of the supplementary tax assessment order. However, one billion yen out of 11.4 billion yen of the rescission amount of income which DENSO claimed was dismissed.
3. Next steps
DENSO believes the ruling by Nagoya District Court recognizes the legitimacy of DENSO's claim and is the result of a reasonable judgment. However, the court dismissed a part of the rescission amount of income, therefore, DENSO plans to file an appeal to Nagoya High Court about the part which was dismissed by the judgment.
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.
Source: Denso
Contact:
Sadayoshi Yokoyama, Toshiko Watanabe
DENSO CORPORATION
Phone: 81-566-25-5594
Fax: 81-566-25-4509
sadayoshi_yokoyama@denso.co.jp
toshiko_watanabe@denso.co.jp
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