The Tokyo Metropolitan Government and 15 banks signed a tax-refund accord Thursday as part of an out-of-court settlement of a lawsuit over a bank tax.
The accord, reached last month, states the metropolitan government will cut the rate of a local tax on major banks to 0.9 percent from the original 3 percent, retroactive to April 2000, and repay a combined 230 billion yen in past tax payments.
The settlement, mediated by the Supreme Court, awaits approval by the metropolitan assembly. The assembly is expected to approve it next week and the banks and the metropolitan government will then sign a formal agreement to end the case.
The banking groups each announced immediately after they signed the deal how much they are to receive in refunds.
They will book the repayments in their earnings reports for the six months through last month.
Mizuho Financial Group Inc. said its three group banks will receive a combined 58.1 billion yen.
Two banks operating under Mitsubishi Tokyo Financial Group Inc. will get 41.9 billion yen.
In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.