AstraZeneca pay out $1.1bn in transfer pricing agreement

by Jaimie Kaffash

More from this author

28 Mar 2011

  • Comments
pills drugs pharmaceuticals

PHARMACEUTICAL COMPANY AstraZeneca will pay $1.1bn to resolve an ongoing transfer pricing dispute over its US business.

The UK-Swedish based firm will pay the $1.1bn net costs to US tax authorities to cover transfer pricing arrangements over a 13-year period from 2002 to the end of 2014, it announced today. It had already announced in February that it will pay £505m to settle a dispute with HM Revenue & Customs.

"AstraZeneca had provided in its accounts for the outcome of these issues, at the heart of which are complex transfer pricing considerations that have taken many years to resolve," the group said.

It also said that the group's effective tax rate for 2011 is expected to be approximately six percentage points lower than the previous guidance of 27%, at around 21%.

 

Visitor comments

blog comments powered by Disqus
display:none

Add your comment

We won't publish your address


By submitting a comment you agree to abide by our Terms & Conditions

Your comment will be moderated before publication

Submit
  • Send

conservatoire-for-dance-and-drama

Finance-Director-part-time

Conservatoire for Dance and Drama, London, Permanent, Part Time, £60,000 pro rata

 

 

Newsletters

Get the latest financial news sent directly to your inbox

  • Best Practice
  • Business
  • Daily Newsletter
  • Essentials

Careers

Search for jobs
Click to search our database of all the latest accountancy roles

Create a profile
Click to set up your profile and let the best recruiters find you

Jobs by email
Sign up to receive regular updates with the latest roles suitable for you

Briefings

budget-management

Why budgeting fails: One management system is not enough

If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.

cchcover

iXBRL: Taking stock. Looking forward

In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.