Merck settles with IRS
Executive Summary
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)...
You may also be interested in...
Merck Tax Settlement Could Be Smaller Than GSK’s $3.4 Bil. IRS Deal
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
U.S. Drug Firms Under IRS Scrutiny For Offshore Income Shifting
U.S.-based drug companies inappropriately reported that foreign profits accounted for 66% of their worldwide profits in 2003-2005, 23% more than the amount calculated by Tax Analysts, according to a publication by the non-profit group
Financing Quarterly Statistics, Q1 2024
During Q1, biopharmas brought in an aggregate $30.1bn in financing and device company fundraising totaled $2.8bn; while in vitro diagnostic firms and research tools players raised $724m.