• Kyodo

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Tax authorities have fined Daiwa House Industry Co. for concealing 160 million yen in taxable income over the three fiscal years through March 31, 2002, industry sources said Monday.

The Osaka Regional Taxation Bureau ordered the company to pay about 57 million yen in unpaid taxes and a heavy penalty surcharge, the sources said.

A Daiwa House spokesman said the company has fully paid the amount.

According to the sources, the Osaka bureau of the National Tax Agency found that the company hid about 100 million yen by falsely booking as consulting fees paid to subcontractors money that was in fact used to cover entertainment expenses.

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