Business Services Industry
Glaxo, U.S. settle transfer pricing dispute.
Australasian Business Intelligence, February, 2007
Byline: Audrey Nutt
Feb 05, 2007 (Tax Notes International - ABIX via COMTEX) -- The US Internal Revenue Service (IRS) has reported details of a settlement with GlaxoSmithKline (Glaxo). The $US3.4 billion settlement, announced on 11 September 2006, relates to a transfer pricing dispute between the IRS and the company that had dated back to 1989. The two had been due to go to trial over the dispute on 27 February 2007. Patricia Seif, a Glaxo spokesperson, said it was pleased that it and the IRS had reached a settlement after so many years, and that it was "satisfied with the settlement".
Publication Date: 18 September 2006
UNITED STATES. INTERNAL REVENUE SERVICE
GLAXOSMITHKLINE PLC
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