SAITAMA (TR) – The Kanto Regional Taxation Bureau has accused a used-car dealer in the town of Ina of evading taxes on the sale of Ferrari sports cars, reports TBS News (Jan. 17).
According to a claim filed with the Saitama District Public Prosecutor’s Office, Naohiko Koyano, the 53-year-old president of Twice, evaded 27 million yen in taxes by concealing 113 million yen from the sales of two Ferrari F-40 vehicles over a two-year period end in February, 2017.
The vehicles were purchased several years ago by Twice. In concealing the income, the company fabricated contracts to list far lower prices than those actually fetched by the dealer.
Some of the concealed income was kept by Koyano, with the other portion going to cover entertainment expenses.
Since 2017, regional taxation bureaus in Tokyo, Nagoya and other areas have made inquiries of 20 individuals or corporate bodies over concealed income resulting from the sales of sports cars. In those cases, the amount of non-reported or concealed income totaled 2.7 billion yen.
When reached for comment about the matter by media outlets, Twice did not respond.