The Tokyo Metropolitan Government and major banks are close to sealing an out-of-court settlement that would end a three-year feud over a controversial tax, the banks and metro officials said Friday.
The fifteen banks said they would be willing to settle if the metro government would reduce its flat 3 percent tax on banks' gross operating profits to 0.9 percent.
Under the deal being mapped out, banks would receive a much-needed refund of 220 billion yen out of the 320 billion yen they have paid since the tax was imposed in fiscal 2000.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.