JAPANESE COMPANIES EXPOSED BY PANAMA PAPERS OWE ONE BILLION YEN TO TAXMAN

Though not being reported by global media, the Panama Papers disclosures have had a major effect in Japan. A number of major Japanese corporations were identified, and linked to more than 200 shell companies formed by the law firm of Mossack and Fonseca. The outstanding tax bill owed has been estimated at ¥1bn (USD $ 9m), but it has been stressed that this is only a preliminary calculation; the final tax bill may be substantially more than this.

Most of the companies identified were incorporated in the British Virgin Islands, and Guernsey, in the Channel Islands.