NAGOYA – Suzuki Motor Corp. failed to declare about 2 billion yen in taxable income during the two years up to the fiscal year that ended March 2002 and was ordered to pay about 700 million yen in unpaid taxes and penalties, industry sources said Thursday.
The Nagoya Regional Taxation Bureau determined that the company concealed 500 million yen by padding expenses related to its loss-making subsidiary in Spain, which sells and manufactures motorbikes, the sources said.
According to a Suzuki spokesman, while the company did not agree with the allegations made by the tax office, it complied with the order and paid the taxes and penalties.
Suzuki, the top Japanese maker of lightweight vehicles, is based in Hamamatsu, Shizuoka Prefecture.
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