GlaxoSmithKline Holdings on April 2 2004 filed a petition in the US Tax Court contesting a multibillion-dollar transfer pricing claim. The US Internal Revenue Service (IRS) made its claim in January against Glaxo US, a US subsidiary of the UK-based pharmaceutical manufacturer GlaxoSmithKline.
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Pillar two might be top of mind for many multinational companies, but the huge variations between countries’ readiness means getting ahead of the game now, argues Russell Gammon, chief solutions officer at Tax Systems.