Tokyo Bay Traders Settles Tax Dispute with National Tax Office of Japan

Tokyo Bay Traders today announced it had settled its outstanding tax dispute with the Japanese Tax authorities relating to equity product transactions during the period 2005-2010. The settlement was reached on Friday evening and involves payment of 190 million Japanese Yen to the National Tax Office which will be met from Tokyo Bay's existing tax provisions.

Tokyo, Japan, October 06, 2011 -- Tokyo Bay Traders today announced it had settled its outstanding tax dispute with the Japanese Tax authorities relating to equity product transactions during the period 2005-2010. The settlement was reached on Friday evening and involves payment of 190 million Japanese Yen to the National Tax Office which will be met from Tokyo Bay's existing tax provisions.

The settlement will not impact Tokyo Bay Traders 2011 financial results.

Tokyo Bay Traders Chief Financial Officer, Mr Ryuu Kobayashi said: “Today’s settlement puts a long-running taxation issue behind us. In view of the potential contingent liability this dispute represented, we are pleased to have settled the matter at an acceptable level and within our existing taxation provisions.

“This tax dispute was the most material remaining issue from the last decade. It related to former investment businesses we exited some time ago and Tokyo Bay Traders no longer engages in these types of transactions. “We had hoped to be in a position to announce the settlement in our market update announcement on Friday however the deed was only finalised after close of business.,” Mr Kobayashi said.

The dispute between Tokyo Bay Traders and the National Tax office has been previously disclosed and related to the taxation treatment of securities lending, equity swaps and other similar kinds of transactions dating back to the mid-2000s.

About Tokyo Bay Traders:
Tokyo Bay Traders is a financial services company focused on helping clients manage and service their financial ambitions, providing fast, reliable advice and execution on over 50 markets. Tokyo Bay Traders offers investment management and investment services through a fully trained, client focused team.For more information please visit www.tokyobaytraders.com.

Tokyo Bay Traders is a financial services company focused on helping clients manage and service their financial ambitions, providing fast, reliable advice and execution on over 50 markets.

Miki Miyaki
Tokyo Bay Traders
Shiodome/Shibarikyu Building
Kaigan, Minato-Ku 105-0022
Tokyo, Japan
+81345780264
marketing@tokyobaytraders.com
http://www.tokyobaytraders.com

This release was published on openPR.