Business Services Industry
Glaxo Laid Low after US Stakes UKpound 2.7 Billion Tax Claim.
Knight Ridder/Tribune Business News, January, 2004
Evening Standard, London Knight Ridder/Tribune Business News
Jan. 13--Drugs giant GlaxoSmithKline has been landed with one of the biggest tax claims of all time after receiving a bill for more than $5 billion (UKpound 2.7 billion) from the US government.
Glaxo slammed the US Internal Revenue Service for "inconsistency" and vowed to take its long-running dispute with the authority to a US Tax Court.
The dispute centres on the allocation of taxes the IRS claims Glaxo made on profits from "heritage" products sold between 1989 and 1996, before the merger with SmithKlineBeecham.
Glaxo revealed the IRS had served "a statutory notice of deficiency" for $2.7 billion tax and estimates interest on the full claim alone runs to $2.5...
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