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.’
Some of the UK’s top companies are failing to adequately report poor performance and sometimes obscure their true profit figures
Ahead of his first major speech as Chancellor at the Conservative Party Conference, Phillip Hammond is being urged to overhaul the way tax policy is made in the UK.
Tax breaks are a very enticing incentive for developing and managing a green management strategy, writes Graham Jarvis
Chancellor Philip Hammond has indicated that he will scrap predecessor George Osborne’s pledge to cut corporation tax to below 15%