The National Tax Agency appears to have imposed penalty taxes
on Asahi Kasei, suspecting the company disguised having completed the decontamination work in that business year, the sources said.
group, failed to declare income of about 760 million yen over five years through the year to March 2008 and has paid 250 million yen in additional and penalty taxes
, sources familiar with the case said Saturday.
Compliance in this area became important for certain tax-exempt organizations in the mid-1990s when intermediate sanctions were introduced to impose penalty taxes
on key employees who receive unreasonable compensation and managers who knowingly approve it.
The income and penalty taxes
might be avoided in family business situations, particularly if Sec.
Department of Commerce will make a decision regarding penalty taxes
by June 8.
In such cases, possible damages to a divorce attorney or tax planner involved in the botched transfer of an IRA to a former spouse may include federal income tax on the amount of the IRA transferred, the 10-percent penalty tax, interest, failure to pay, negligence, and/or other penalty taxes
But penalty taxes
will be recaptured by the IRS (with interest) if you alter your periodic payments before the later of age 59 1/2 or five years.
Saitama prefectural police urged tax authorities Thursday to impose penalty taxes
on two computer firms linked to the AUM Shinrikyo cult, alleging that they failed to declare income from sales of computers and computer parts, police said.
The penalty taxes
and unreported income involving Hanjin, whose flagship company is national-flag carrier Korean Air, are records for a South Korean business conglomerate.
The Tokyo Regional Taxation Bureau has ordered a Japanese affiliate of Philips Electronics NV of the Netherlands to pay 2.7 billion yen in penalty taxes
, saying it failed to report about 6.8 billion yen in taxable income over five years, industry sources said Wednesday.
Unfortunately, determining the damage function raises a myriad of difficulties.(8) To date, economists have not agreed on the method of doing this, and these theoretical difficulties are of sufficient magnitude that no government, in Canada or elsewhere, has yet established an environmental penalty tax level by first determining the damage function.9 Instead, penalty taxes
are set on an ad hoc basis or by first determining an overall revenue goal, such as recovery of relevant administrative costs.
The Tokyo company said it has submitted a revised tax return after being slapped with additional tax payments of around 150 million yen, including penalty taxes
, following an inspection by the Tokyo Regional Taxation Bureau.