Yamato/Departures Film Production Firm Sedic Allegedly Hid 1 Billion Yen in Income
posted on by Lynzee Loveridge
The Tokyo Regional Taxation Bureau is claiming that film production company Sedic International Inc. did not report revenues from overseas movie showings, and instead transferred funds to off-the-book accounts. The Bureau reports that Sedic hid about one billion yen (about US$9.1 million) over five years, ending in August 2012. The Bureau has since charged the company an additional 400 million yen (US$3.7 million) in taxes, including a penalty tax. Sedic paid the taxes.
The production company backed the live-action Space Battleship Yamato  film, and was also involved on such live-action films as The Tiger Mask, Ninja Kids, Library Wars, Tomorrow's Joe, Ichi, Eiga: Kurosagi, Sukiyaki Western Django, Azumi 2: Death or Love and the Academy Award-winning Departures film. It produced the animated films Space Battleship Yamato Resurrection, Konchū Monogatari Mitsubachi Hutch - Yūki no Melody, Gekijō-ban Anime Nintama Rantaro Ninjutsu Gakuen Zenin Shutsudō! no Dan, and Stormy Night
The company allegedly hid hundreds of millions of yen in DVD sales from Departures and Sukiyaki Western Django as well as revenue from Space Battleship Yamato and 13 Assassins film screenings.
The Bureau also concluded that Sedic reported costs at double of their actual worth to lower its corporate income.
Source: The Japan News