Not only are the two Japan Post subsidiaries related to the mails less profitable than the bank and the insurance company, but they also, according to the Yomiuri, owe back-taxes for Japanese fiscal year 2008, halfway through which the system was privatized:
Following investigations by the Tokyo Regional Taxation Bureau into the two companies, the bureau notified the firms of their unreported earnings for the business year ending March 2008, according to sources.
The companies are expected to be levied about 9.2 billion yen in back taxes, including penalty, corporate and local taxes, the sources said.
The total undeclared income reportedly is more than 20 billion yen.
It also said Japan Post Service and Japan Post Network logged 3.53 billion yen and 5.69 billion yen, respectively, to pay for taxes, on the assumption that the two companies would likely have to pay back taxes.
Although Japan Post Group said it had a “difference in understanding” with the bureau, the group said it would abide by the notification.
Well, you know, in Japan, these things are all about perspective.