Japan's wealthy fail to declare 65.5 billion in income

Wealthy people in Japan failed to declare a total of 65.5 billion in taxable income in the year through June, down 33.2% from the year before, a National Tax Agency report showed Friday. During the year, the agency conducted 2,407 investigations targeting the wealthy, including those with significant holdings in securities and real estate, down 18.2%. It collected back taxes totaling 17 billion, down 7.1%. Undeclared income among all people subject to investigations, including the wealthy, rose 10.2% to a record 996.4 billion. Total back taxes grew 2.2% to 139.8 billion, also a record high.