ID :
160642
Sun, 02/13/2011 - 15:34
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Shortlink :
https://www.oananews.org//node/160642
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120 JPMorgan Securities workers fail to declare income
TOKYO, Feb. 13 Kyodo - A total of around 120 former and current employees of JPMorgan Securities Japan Co. failed to declare a combined 700 million yen of income obtained from stock options and other sources, sources close to the issue said Saturday.
Most of them have already amended their tax returns following the inspections by the Tokyo Regional Taxation Bureau, according to the sources.
It is believed that during several years through 2008, they executed stock options to buy shares of its parent company, JPMorgan Chase & Co., at a discount compared with market prices, and took profits by selling them on the market, but they did not declare the difference as employment income, the sources said.
Many of them are believed to have managed and traded the shares in foreign accounts, which Japan's taxation authorities have difficulty checking.
JPMorgan Securities Japan said, ''We're not aware of it (the declaration failure) as it's the personal issue of each employee. We hold guidance about tax filing.''
Most of them have already amended their tax returns following the inspections by the Tokyo Regional Taxation Bureau, according to the sources.
It is believed that during several years through 2008, they executed stock options to buy shares of its parent company, JPMorgan Chase & Co., at a discount compared with market prices, and took profits by selling them on the market, but they did not declare the difference as employment income, the sources said.
Many of them are believed to have managed and traded the shares in foreign accounts, which Japan's taxation authorities have difficulty checking.
JPMorgan Securities Japan said, ''We're not aware of it (the declaration failure) as it's the personal issue of each employee. We hold guidance about tax filing.''
