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Merck Tax Settlement Could Be Smaller Than GSK’s $3.4 Bil. IRS Deal

Executive Summary

A possible settlement between Merck and tax authorities could be significantly smaller than GlaxoSmithKline's recent settlement with the IRS based on the companies' projected liability

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Merck settles with IRS

Merck will pay approximately $2.3 billion to the Internal Revenue Service to settle tax disputes from 1993 to 2001, the firm reports Feb. 14. The agreement covers federal tax, net interest after federal tax deductions and penalties. Merck previously estimated its liability for four investigations of the company's tax returns at $5.58 billion plus penalties (1"The Pink Sheet" Nov. 13, 2006, p. 10). The settlement adds to IRS' momentum in its effort to collect taxes that pharma companies have sheltered through offshore income shifting (2"The Pink Sheet" Aug. 14, 2006, p. 7)...

Merck settles with IRS

Merck will pay approximately $2.3 billion to the Internal Revenue Service to settle tax disputes from 1993 to 2001, the firm reports Feb. 14. The agreement covers federal tax, net interest after federal tax deductions and penalties. Merck previously estimated its liability for four investigations of the company's tax returns at $5.58 billion plus penalties (1"The Pink Sheet" Nov. 13, 2006, p. 10). The settlement adds to IRS' momentum in its effort to collect taxes that pharma companies have sheltered through offshore income shifting (2"The Pink Sheet" Aug. 14, 2006, p. 7)...

IRS Hopes GSK’s $3.4 Bil. Transfer Pricing Settlement Is Just The Beginning

The Internal Revenue Service's multi-billion dollar settlement with GlaxoSmithKline over transfer pricing is a milestone for the agency in its efforts to better regulate the practice

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