13 Feb '11, 5am

Japan JPMorgan staff allegedly evade tax: TOKYO: Some 120 former and current employees of JPMorgan Securities Ja...

TOKYO: Some 120 former and current employees of JPMorgan Securities Japan Co. failed to declare over $8 million of income obtained through stock options, a report said Sunday. They bought shares in their employer's parent company, JPMorgan Chase & Co., at a discount, but never declared the profit after selling, Kyodo News said citing unnamed sources, adding the total amounted to 700 million yen ($8.4 million). Many of them are believed to have traded the shares in foreign accounts, which Japan's taxation authorities have difficulty checking. Most of those involved amended their tax returns following inspections by the Tokyo Regional Taxation Bureau, Kyodo said. "We're not aware of (the declaration failure) as it's a personal issue for each employee," said JPMorgan Securities Japan, quoted by Kyodo.

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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