Irish $1.9bn Tax Bill 'Out Of Nowhere' Perplexes Perrigo, Troubles Analysts
Perrigo appeals tax assessment Ireland levied in late December on Rx ingredient royalty rights firm gained when it became incorporated in Dublin but no longer owns, Analysts allowed President and CEO Murray Kessler. benefit of doubt he'll lead Perrigo out of prolonged slump when he joined firm in November after extensive executive experience with tobacco firms and in other consumer goods markets, but they're more circumspect about its chances of prevailing in Irish tax disagreement.
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OTC private label/store brand giant announces Irish authorities allow it to pay $308.7m to settle a $1.9bn assessment for back taxes ordered in 2018 linked to Rx ingredient royalty rights it gained in its 2103 merger with Elan.
Perrigo says on 4 November, Irish High Court will publish decision from a trial on the firm’s challenge to Irish Office of the Revenue Commissioners’ order to pay additional taxes from its acquisition of Elan. Perrigo moved its Q3 earnings briefing scheduled for 8 a.m. EDT the same day to 4:30 p.m.
A court in Dublin has considered Perirrgo's challenge to Ireland tax authorities' ’ 2018 order to pay $1.9bn additional taxes from its 2013 acquisition of Elan that established it as an Irish firm. “We're just probably within 6 months now that we should get some kind of an answer in that regard,” says CEO Murray Kessler.