IN BRIEF : Japan Firms’ Gift Tab: $33.8 Billion
TOKYO — Japanese companies spent a record $33.8 billion last year on entertainment and gifts, according to the National Tax Administration Agency.
The agency, in a report released Monday, said spending by hospitals and the life insurance industry was highest at $77,980 per firm.
The 4.19-trillion-yen total for entertainment spending last year represented an average daily expenditure of $91.9 million, a 6.1% increase over 1986, when wining and dining clients cost companies a total of $31.8 billion, the agency said.
Japanese executives are often given carte blanche to entertain at exclusive nightclubs and inns, where an evening meal can cost $500 or more. Inviting clients for rounds of golf and exchanging gifts are other customary entertainment expenses.
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