Categories: Social Media News

Facebook Japan failed to declare $4.7 mil. income

Executives at Facebook have run afoul of authorities for failing to report about 4.7 million dollars in income at the firm’s Japanese arm.
Sources say Facebook Japan instructed clients who bought advertising to pay a group company in Ireland. The corporate tax rate there is 12.5 percent. In Japan, it’s closer to 30 percent.

Tax officials say the remuneration paid by the Irish arm back to the Japan unit in 2016 and 2017 was less than it should have been. They’re expected to order Facebook Japan to pay more than 1 million dollars in back taxes.

Facebook and other global tech giants are facing heavy criticism for exploiting legal loopholes to minimize their tax obligations.

In January, authorities found Google’s Japan unit failed to declare 32 million dollars in income by transferring revenue to Singapore.

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News source: NHK
Executives at Facebook have run afoul of authorities for failing to report about 4.7 million dollars in income at the firm’s Japanese arm. (NHK)
Seoul said Wednesday it will file a World Trade Organization complaint against Japan, hours after Tokyo formally imposed additional trade restrictions on South Korea. (Nikkei)
U.S. startups focusing on care products and services for the elderly are tapping into the graying Japanese market, where more than 35 million people are over the age of 65. (Japan Times)
Kim Kardashian West’s shapewear line Kimono is no more. The new name, changed amid outcry over cultural appropriation, is SKIMS Solutionwear. (Japan Times)
New threats from the US and China to hit each other with additional tariffs have been shaking up financial markets in the Asia-Pacific region. Share prices and Japanese bond yields are down — while the yen has climbed against the US dollar to around a seven-and-a-half month high. (NHK)
Over the years, Japan has developed into a powerhouse. The country is home to some of the most successful companies in the world. Nevertheless, some of these companies are better known than others. There is a good chance that many American consumers will be familiar with a few of the companies and they may utilize their products daily. So, what are the biggest corporations in Japan? Within this article, readers will learn a great deal more about Japan’s biggest companies in 2019. (newsonjapan.com)
From kimono rentals to luggage storage apps to language training, Japan’s long tourism boom is giving rise to a growing number of niche businesses that cater to the needs of overseas visitors. (Nikkei)
Prices of imported minced fish products — ingredients of fishcakes used in popular oden hot pot dishes in Japan — have been soaring due to increased demand in Europe, the United States and China as well as rising logistics and personnel costs, according to Finance Ministry trade data. (Japan Today)
Japan’s capital is set to lay claim to the country’s tallest building in 2023, when developer Mori Building aims to complete a 330-meter tower as part of a major redevelopment. (Nikkei)
Japan will include sharing activities like Airbnb-style vacation rentals in gross domestic product calculations as early as fiscal 2020, Nikkei has learned, as the government seeks a better picture of the growing sector. (Nikkei)

 

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Social Media Asia Editor

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Social Media Asia Editor
7 years ago

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