Yoshitaka Fukuda, president of consumer loan company Aiful Corp., failed to declare some 68 million yen in taxable income in 2000 and 2001 that he had lost in a high-risk investment, sources said Friday.
The Osaka Regional Taxation Bureau imposed more than 20 million yen in taxes and penalties on Fukuda, 56, for the undeclared income, they said. He paid the amount.
Fukuda incurred a loss of about 68 million yen in 2001 and 2001 from investment in a venture capital fund, the sources said. He declared the amount as an income loss to be deducted from his taxable income, along with other income gains and losses, but the tax bureau declared the money to be taxable income, the sources said.