ZOZO Founder Maezawa's Asset Firm Underreported 400 Million Yen in Taxes

TOKYO, Jul 09 (News On Japan) - The Tokyo Regional Taxation Bureau has pointed out that an asset management company wholly owned by Yusaku Maezawa, founder of online fashion retailer ZOZO, failed to report approximately 400 million yen in income.

According to sources, the company in question, Goonies, which is fully owned by Maezawa, was found to have underreported around 400 million yen over a four-year period leading up to two years ago.

The underreporting allegedly stems from the handling of interest payments made when Goonies issued corporate bonds. The equivalent amount of interest was received by an acquaintance of Maezawa through a consulting firm. Authorities suspect that the use of this intermediary was intended to disguise the payments as de facto donations, effectively reducing the company’s tax burden. The Tokyo tax bureau has reportedly judged that these payments cannot be recognized as deductible expenses.

Maezawa commented, "I apologize for the situation. I do not evade my tax obligations. Going forward, I will make every effort to ensure proper tax compliance."

Source: TBS

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