Extending a fight to end local taxation of their profits, a group of 16 Japanese banks sued Japan's second-largest city government yesterday.
The suit, filed with the Osaka District Court, wants Osaka to repeal the taxes which they say stifle business, according to Mutsumi Miyanaga, spokesman for the Japanese Bankers Association.
Among the 16 lenders going to court are the Japanese megabanks Sumitomo Mitsui Bank, Mizuho Holdings, Bank of Tokyo-Mitsubishi and UFJ Bank.
Thursday's action comes just days after the Tokyo District Court threw out a similar tax leveled by Tokyo, saying it unfairly singled out one industry. The Tokyo metropolitan government appealed that March 26 ruling.
Both Tokyo and Osaka seek to levy a 3 percent tax on profits at banks with assets of more than ?5 trillion (US$37.8 billion) doing business in their cities.
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