According to national press reports last week, the Japanese Bankers Association has indicated that the Tokyo Metropolitan Government is willing to settle a lawsuit filed by Mizuho Financial Group Inc and several other banks, after being ordered to repay 163 billion yen ($1.37 billion) in unfair taxes.
In a report from Japanese daily Nihon Keizai, cited by Bloomberg, it emerged that the Tokyo authority has announced proposals to refund two-thirds of the taxes it collected in the two years from April 2000, thus ending the three year dispute between the country's biggest lenders and the Tokyo local government.
To counter falling revenues as banks allocated more of their funds to service bad loans, the Tokyo government imposed a five-year tax in April 2000 of 3% of gross operating income from banks holding at least 5 trillion yen in funds.
Subsequently, the banks, including Japan's largest, Mizuho, and the Sumitomo Mitsui Financial Group sued the Tokyo Metropolitan government in October 2000.
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