Pharmaceutical giant pays $2.3bn to settle US tax dispute
Merck settles tax dispute with the IRS with massive payout after 14 years of deliberations
Merck settles tax dispute with the IRS with massive payout after 14 years of deliberations
Pharmaceutical giant Merck & Co has paid the US tax man $2.3bn (£1.2bn) to
settle a tax dispute that has lasted 14 years.
The settlement is one of the biggest in US history, with GlaxoSmithKline
paying the Internal Revenue
Service $3.4bn last year – the highest on record.
Merck’s settlement resolves around $3.5bn in tax liabilities, the company
said in a regulatory filing.
The dispute centred on a partnership transaction in 1993 and the use of
royalty and expenses claimed as deductions against the company’s tax returns
between 1994 and 2001.
Further reading:
GSK pays ‘biggest tax settlement in US history’
EU blasts Switzerland over tax breaks
British Land removes billion pound tax bill
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