Daiwa House Industry to revise past tax returns
Daiwa House Industry (TSE: 1925) announced today that it will file amended tax returns for fiscal years 2020 through 2024 following a tax audit by the Osaka Regional Taxation Bureau. The company will adjust its income by ¥298 million, corporate and local taxes by ¥86 million, and consumption taxes by ¥275 million. This includes additional taxes of ¥35 million and penalties of ¥5 million. The adjustments stem from disagreements on the timing of consumption tax deductions for construction projects and issues with foreign subsidiary tax regulations. Additionally, Daiwa House uncovered fraudulent activities by two former employees involving inflated orders, resulting in ¥82 million in fraudulent expenses, of which ¥38 million was deemed taxable income. The company has recovered the equivalent amount of the damages from both employees. Daiwa House said it is taking the matter seriously and will strengthen compliance measures to prevent future occurrences. They also expect to receive ¥48 million of corporate and local tax refunds.
This report was generated by FilingReader's AI system from regulatory filings and company disclosures. To request a correction, contact editorial@filingreader.com
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