Sanrio : Announcement regarding judgment of the Court of First instance on the Lawsuit
March 01, 2021 at 08:18 am IST
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February 26, 2021
Company Name: Sanrio Company, Ltd.
President and Chief Executive Officer: Tomokuni Tsuji Securities Code: 8136, First Section of Tokyo Stock Exchange
Inquiries: Jiro Kishimura, Managing Director
Tel.: +81-3-3779-8058
Announcement Regarding Judgment of the Court of First Instance on the Lawsuit Seeking
Rescission of Tax Reassessment Under the Anti-tax Haven Rules
On December 15, 2017, Sanrio Company, Ltd. received a notice of tax reassessment, etc. from the Tokyo Regional Taxation Bureau, indicating a reassessed additional income of approximately 2.8 billion yen for Sanrio and its subsidiaries in its consolidated tax filing group for the four fiscal years ended March 2013 to March 2016, and approximately 1.1 billion yen in additional taxes, including local taxes, on the grounds that its subsidiaries in Hong Kong did not meet the conditions for exemption to the anti-tax haven rules, etc. (The foregoing was expensed as "income taxes, etc. for prior periods" in the fiscal year ended March 31, 2018.)
Dissatisfied with these proceedings, we filed a suit with the Tokyo District Court for rescission of tax reassessment, etc. Today, we received a decision from the Tokyo District Court to the effect that our request for rescission of tax reassessment, etc. was dismissed.
1. Historical background
December 15, 2017
Sanrio receives a notice of tax reassessment from the Tokyo Regional Taxation Bureau
March 13, 2018
Sanrio appeals to the Tokyo Regional Taxation Bureau requesting re-examination
June 11, 2018
Sanrio receives a decision from the Tokyo Regional Taxation Bureau to the effect that its request for re-examination is dismissed
July 9, 2018
Sanrio files a request for reconsideration with the Tokyo Regional Tax Tribunal
June 11, 2019
Sanrio files a suit with the Tokyo District Court for rescission of tax reassessment, etc.
February 26, 2021
Judgment is rendered by the Tokyo District Court
2. Details of the judgment
With respect to the conditions for exemption to the anti-tax haven rules, our claim was dismissed and, as a result, no rescission of tax reassessment, etc. was granted.
3. Future outlook, etc.
It is very unfortunate that our claim was dismissed. As we cannot accept this decision, we intend to appeal to the Tokyo High Court after careful evaluation of the contents of the judgment.
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Sanrio Co. Ltd. published this content on 01 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 March 2021 02:47:02 UTC.
Sanrio Company, Ltd. is a Japan-based company mainly engages in the planning and sales of social communication gift products, theme park business and others. Social Communication Gifts business mainly involves in the planning and sales of social communication gifts, as well as greeting cards, publications, the production and sales of video software, and the licensing and management of copyright. The Theme Park business operates theme parks, and plans and provides musicals and others. In addition, the Company is also engaged in the sale and leasing of robots, automobile loan, property and casualty insurance agency business and others.