Toyota nailed with 2 billion yen in back taxes
That meant they could cut their taxable income by about 2 billion yen. This money was apparently used to help finance sales promotions at the subsidiaries and to further help improve their financial results. The tax authority determined that these discounted exports were basically just subsidiary subsidies (try saying that tens times fast). They found that Toyota also padded expenditures by half a billion yen on advertising and had improperly accounted for a certain amount of tax-deductible costs. It's a pretty complex web of accounting gymnastics beyond that, but rest assured, the tax authority will figure it out. We're guessing this won't be the last we'll hear of this issue.
[Source: Asahi Shimbun]
- Our favorite reveals from the LA Auto Show
- You can probably get a great deal on a new Fiat
- 2016 Holiday Gift Guide
- Is it time to buy a Pontiac Aztek?
- Fastest-depreciating cars in the United States
- Most and least efficient car companies
From Our Partners
Here's all the footage of Ken Block's Top Gear Gymkhana segment that didn't make the showWatch Video