• Kyodo

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An asset management company belonging to billionaire Yusaku Maezawa, founder of online clothing store Zozotown, failed to declare about ¥500 million ($4.6 million) in taxable income, sources close to the matter said.

After underreporting income over three years through March 2019, Maezawa’s company corrected its tax report as pointed out by the Tokyo Regional Taxation Bureau but paid no additional levies as the undeclared income had been offset by losses, they said Wednesday.

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