Thursday, March 20, 2008

Lifestyles Ideas Management - 5.9 Billion Yen

5.9 billion yen in 10,000 yen bills, if stacked one on top of another would reach a height of 59m or about that of a 16 storey building.
Two sisters stashed away 5.9 billion yen in the house just to evade paying tax on their inheritance. Their father died and left behind nearly 8 billion yen when he died, he was a real estate businessman. This inheritance was supposed to be shared among eight siblings. His other children were unaware of this inheritance as it was hidden away by the two sisters. Sometime before their father’s death, the two sisters has been withdrawing money from their father’s account. The local tax authority became suspicious when the two sisters declared an inheritance of 1.6 billion yen after their father died and they ordered an investigation. The declared amount apparently does not square with the size of their father’s known assets. If the two sisters declared the additional inheritance of 5.9 billion to the tax man, they would have to pay 2.8 billion yen in inheritance alone.

Both sisters were arrested on tax evasion charges. Investigators need a few days to count some 5.9 billion stashed away, there were 50 cupboard boxes filled with 10,000 yen bills in an unused garage. Paper bags were also found stashed away in the cupboard. Neighbors said they suspected that the two sisters were well-off as they were often seen wearing very expensive kimonos and were surprised that they stashed so much money at home. The investigators counted up to one billion yen and after which they gave up counting.

Now, they have to fork out 4 billion yen in inheritance and taxes.