Business Services Industry
Tax Analysts obtains Glaxo APA.
Australasian Business Intelligence, February, 2007
Byline: Audrey Nutt
Feb 05, 2007 (Tax Notes International - ABIX via COMTEX) -- GlaxoSmithKline (GSK) has settled its transfer pricing dispute with the US Internal Revenue Service for $A3.4bn. The case related to the appropriate pricing of GSK's drug Zantac. However the decision relied largely on an intragroup sales arrangement by GSK's predecessor, SmithKline Beecham, for the drugs Tagamet and Dyazide. Important evidence was a confidential 1993 advance pricing agreement (APA) that detailed the company's resale price method. During the case, a group of anonymous third parties sought to intervene to prevent APAs and related material being introduced.
Publication Date: 25 September 2006
GLAXOSMITHKLINE PLC
UNITED STATES. INTERNAL REVENUE...
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