The Tokyo Metropolitan Government and major banks are close to sealing an out-of-court settlement that would end a three-year feud over a controversial tax, the banks and metro officials said Friday.
The fifteen banks said they would be willing to settle if the metro government would reduce its flat 3 percent tax on banks' gross operating profits to 0.9 percent.
Under the deal being mapped out, banks would receive a much-needed refund of 220 billion yen out of the 320 billion yen they have paid since the tax was imposed in fiscal 2000.