Sony Slapped With Back Taxes

[Hitman_Jim]

Reuters reports that Sony has been ordered to pay 27.9B yen ($243M) in taxes incurred between March 2000 and March 2005. Apparently, the company engaged in undervalued trasnactions between its gaming, CD, and movie branches located in Japan and those located in the United States. This resulted in the company taking in 74.4B yen ($650M) in income which was not reported to Japanese tax authorities.

Sony and gaming subsidiary Sony Computer Entertainment claim the order was "unsatisfactory" and plan to appeal the demands.

http://today.reuters.com/stocks/QuoteCompanyNewsArticle.aspx?view=CN&storyID=2006-06-30T103251Z_01_T163440_RTRIDST_0_TECH-SONY-UPDATE-2.XML&rpc=66