GlaxoSmithKline fights IRS on $680 million assessment
February 14, 2008
Pharmaceuticals company faces court battles with revenue authorities
GlaxoSmithKline, the pharmaceuticals company, is again head-to-head with the Internal Revenue Service (IRS) and HMRC. The company's annual report for 2007 reveals that it is defending a $680 million assessment from the IRS on intra-company financing. It is also at loggerheads with HMRC on transfer pricing and controlled foreign companies (CFCs).
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