Japan gambler says losses on horse racing tax deductible: Report
Published on May 7, 2014 6:24 PM
TOKYO (AFP) - A Japanese gambler is taking on tax authorities by claiming his bad bets on horse races were a deductible business expense, a report said on Wednesday.
The man, a civil servant in Hokkaido, won a whopping 7.84 billion yen (S$96.2 million) over six years to 2010, but lost 7.27 billion yen in the process, according to the English edition of the Asahi Shimbun.
He declared the balance of 570 million yen as "miscellaneous income," arguing that because his other winnings were cancelled out by his losses, the losing stubbs represented a legitimate cost of his business, the paper said.
But the local tax bureau said he had failed to declare hundreds of millions of yen in income over the six-year period, in a case that is being heard at Tokyo District Court.
To continue reading, log in if you are a subscriber
Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!