GSK tax dispute
Executive Summary
GlaxoSmithKline receives Internal Revenue Service notice of deficiency for $1.9 bil. in taxes for years 1997-2000. "GSK disagrees with this tax claim, and the company believes that it has paid all the taxes owed to the U.S. government for these years," GSK said. The company received a separate notice of deficiency in 2004 for $2.7 bil. in taxes for 1989-1996 (1"The Pink Sheet" Jan. 12, 2004, p. 40). The claims are related to allocation of taxes on profits for heritage company Glaxo Wellcome products, GSK says. The company will ask U.S. tax court to consolidate 1997-2000 claim with case pending for the 1989-1996 tax years; a provisional trial date is set for October 2006. GSK estimates interest owed on the two claims would total $3.2 bil. net of federal tax relief if IRS is successful...
You may also be interested in...
GSK Contests $5.2 Bil. Tax Bill After IRS Decision On Zantac Transfer Pricing
GlaxoSmithKline and the Internal Revenue Service are headed to court over the IRS' conclusion that the company owes $5.2 bil. for unpaid taxes, penalty charges and interest
Canada Boosts Postmarket Device Safety With New Reporting Rules
Device companies operating in Canada are being advised to review their internal procedures in anticipation of new postmarket requirements that come into force this year.
Valneva Starts COVID-19 Vaccine Production In Scotland
Valneva is scaling up manufacture of its coronavirus vaccine alongside the clinical development program, with a view to meeting its commitment to provide millions of doses for use in the UK and the EU.
Need a specific report? 1000+ reports available
Buy Reports
Register for our free email digests: