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Drugs giant faces £2.85bn tax bill

Link: Drugs company wants greater exec pay

The bill is made up of $2.7bn the US Inland Revenue Service claims is owed for the years 1989 to 1996. The company then estimated the interest to add up to an astonishing $2.5bn, reported Reuters.

GSK has stated that it intends to contest the claim. ‘GSK considers that the additional tax claim…is inconsistent with the treatment of other pharmaceutical companies, including GSK legacy company SmithKline Beecham,’ a statement said.

‘GSK plans to contest this claim for additional taxes by filing a petition in the US Tax Court, where a trial is not expected until sometime in 2005/2006.’

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Philip Hammond