Nippon Sheet Glass Facing Penalty Tax Demand

Nippon Sheet Glass Co. concealed about JPY 1.2BN in taxable income over the three years ending March 2007, sources familiar with the matter said 3 September 2008. The Tokyo Regional Taxation Bureau has demanded about JPY 500M in additional and penalty taxes from the company, the sources said. The company deliberately hid the income by inappropriately booking expenses for factory repair parts, the sources said. The company attracted worldwide attention in 2006 when it acquired UK glass major Pilkington Plc.