US challenges GlaxoSmithKline over earnings stripping
May 27, 2009
The US Internal Revenue Service (IRS) is battling the UK-based pharmaceuticals company GlaxoSmithKline over a potential $1.9 billion in back taxes, interest and penalties.
The company acknowledged the dispute in its annual report in March, but the case has attracted new attention from the mainstream media following President Obama’s pledge to tackle earnings stripping. The IRS is investigating Glaxo for its use of the tax-savings technique.
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