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Economy

SoftBank's billions-saving tax route to be shut by Tokyo

Finance Ministry targets deliberate losses designed to slash bill

TOKYO -- Japan's Finance Ministry plans to close a tax loophole that came to light after SoftBank Group paid no tax in Japan last year thanks to a series of complex paper transactions.

Creating large scale losses by shifting assets within the group, and negating profits made in other sectors with the intent to reduce the tax bill, will not be tolerated.

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