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Sumitomo Trust to pay corporate taxes for 1st time in 13 years.

TOKYO, Sept. 20 Kyodo

Sumitomo Trust & Banking Co. is expected to pay corporate taxes for the first time in 13 years in the business year to March 2007 as the bank has been performing well amid Japan's economic recovery, banking industry sources said Tuesday.

Sumitomo Trust is likely to pay some 20 billion yen in corporate taxes, becoming the first among Japan's six major financial groups to resume corporate tax payments.

Since the bursting of the bubble economy in the early 1990s, which left a mountain of bad loans, major banks have not been making corporate tax payments for losses carried forward.
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Publication:Japan Weekly Monitor
Date:Sep 25, 2006
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