OREANDA-NEWS. August 03, 2012. Funai Electric Co., Ltd. (hereinafter referred to as the “Company”) had objected to the reassessment notice from the Regional Commissioner of the Osaka Regional Taxation Bureau based on the decision that the Company’s Hong Kong-based subsidiary did not meet the conditions that would allow it to be covered by the exceptions under the anti-tax haven taxation, reported the press-centre of Funai.

The Company therefore filed an action with the Osaka District Court seeking the rescission of such tax assessment notice, pursuant to applicable laws and regulations. With respect to this action, the court dismissed the claims of the Company on June 24, 2011.

The Company filed an appeal with the Osaka High Court. With respect to this action, on July 20, 2012, the court dismissed the claims of the Company. After carefully reviewing the matter, the Company found the content of the judgment to be unacceptable, and accordingly, today filed an appeal and a petition for acceptance of final appeal with the Supreme Court.

The Company finds it difficult to accept that the Osaka High Court’s judgment did not acknowledge its contestation, and will therefore continue to contest the validity of its claim in the Supreme Court.