Japanese tax authorities have found that a unit of General Electric Co.’s financial services arm failed to declare 3.7 billion yen ($36 million) of taxable income and ordered it to pay about 800 million yen in back taxes and penalties, the Asahi newspaper reported on Tuesday.
The Japanese branch of GE Capital International Funding, a subsidiary of GE Capital Corp., evaded tax by transferring some profits to GE Capital as loan guarantee fees, the paper said.
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