Supreme Court of Canada accepts Glaxo case
March 25, 2011
Sophie Ashley - TPW
The Canada Revenue Agency has been given leave to appeal the GlaxoSmithKline case to the Supreme Court. A cross-appeal from the taxpayer was also accepted.
The tax authorities are objecting to the price GlaxoSmithKline (GSK) attributed to the production of Zantac. The company bought the drug in powder form from a Swiss related party and maintained that the price it paid (more than comparable Canadian drug makers) needed to take into account the costs of a licensing deal with its parent.
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