BusinessCompany NewsIRS scrutinises Intel’s tax returns

IRS scrutinises Intel's tax returns

Microprocessor manufacturing giant Intel is having its 2001 and 2002 tax returns audited by the US Internal Revenue Service.

Link: Global standard on share-based payments out

Intel, based in California, said it did not expect the audit to have any material affect on its finances.

As part of its filing with SEC, Intel said: ‘Although the outcome of tax audits is always uncertain, based on currently available information, management believes that the ultimate outcome will not have a material adverse effect on the company’s financial position, cash flows or overall trends in results of operations.’

The IRS examined Intel’s tax returns for 1999 and 2000, proposing adjustments to its tax benefits for export sales.

The company also said it opposed the expensing of stock options, due to be incorporated in IFRS 2, and said stock options granted to employees would have cut net income by $991m.

News of the audit saw shares fall by almost 2% to $29.43 on the Nasdaq.

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