The family of Seiya Matsumoto, the late chairman of Pioneer Corp., failed to declare 600 million yen in income after inheriting his assets, industry sources said Thursday.
The Tokyo Regional Taxation Bureau levied additional taxes and penalties totaling some 500 million yen on the family after discovering it concealed part of the inheritance.
According to the sources, five Matsumoto family members intentionally failed to declare 200 million yen worth of discount bank debentures from the inheritance, which also included stocks and a residence in Chiyoda Ward, Tokyo.
In addition to the bank debentures, the family members also failed to declare income from some real estate and savings they were bequeathed, as they did not consider them inheritance, the source added.
The total value of the inheritance was said to be about 10 billion yen, according to the sources.
The family members have already presented a revised income statement to the tax bureau.