Singapore's tax authorities have slapped a $910,600 Singapore (about 63.7 million yen) penalty on Isetan (Singapore) Ltd., a unit of major department store operator Isetan Co., it was learned Thursday.
The authorities penalized Isetan (Singapore) for its failure to declare offshore payments and benefits-in-kind in some of its employees' tax payment forms between 1992 and 1998, officials from Isetan (Singapore) said.
The failure was "inadvertent" as the offshore payments, which made up a large part of the employees' undeclared additional income, had been made directly to the employees and completely shouldered by the parent company, the firm said.
Isetan became the first Japanese department store operator to do business in Singapore when it opened a store in 1972 and currently runs four department stores and two free-standing shops.