Medtronic is subject to IRS competent authority review
June 12, 2008
Medical devices business faces higher tax bill over Irish subsidiary
The US-based medical devices company Medtronics is currently taking part in a competent authority review over taxation of profits from its Irish subsidiary. The parent arrived a settlement with the IRS in April 2006. This could lead to an extra $100 million in profits being taxed. The company set up its Irish subsidiary Medtronic Vascular Galway in 1982. It currently employs 2110 in manufacturing and selling healthcare products into the US, Japan and the Netherlands. There is also a significant research and development facility on the site. (Pictured: Galway plant)
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