TDK Receives the Decision by the National Tax Tribunal on the Request for Reconsideration of Transfer Pricing Taxation
Information contained in the news releases are current as of the date of the press announcement, but may be subject to change without prior notice.
February 1, 2010
TDK Corporation (the "Company") previously reported that on June 29, 2007 it received a reinvestigation decision from the Tokyo Regional Taxation Bureau (the "Bureau") rescinding some incremental income assessed by the Bureau in correction notices based on transfer pricing dated June 29, 2005. However, because the Company was unconvinced by the details of the reinvestigation decision, the Company filed a request for reconsideration on July 26, 2007 with the National Tax Tribunal (the "Tribunal"), seeking rescission of the full amount of the portion not permitted by the Bureau, as previously announced.
The Company has asserted the legitimacy of its position to the Tribunal over the course of the nearly two and half years since it filed the request for reconsideration. Today, the Company received the Tribunal's decision on the request. As a result of the decision, the Company expects to receive a tax refund, including corporation tax and regional taxes.
The Company plans to make a further announcement regarding the effect of the decision on its earnings, once details become clear following a review of the written decision and other matters.
For further information, contact Mr. Kogure in the Corporate Communications Dept.