GSK fights $5.2 billion IRS claim

January 31, 2005

GlaxoSmithKline (GSK), the UK-based pharmaceutical company, has received a demand for $5.2 billion in additional taxes and interest from the US Internal Revenue Service (IRS) over its transfer pricing calculations for legacy company Glaxo Wellcome from 1989 to 1996

Unlock this article.

The content you are trying to view is exclusive to our subscribers.

To unlock this article:

Take a Free Trial or Login

Topics

more across site & bottom lb ros

More from across our site

EU Commission expert gives optimistic outlook for TP Directive

Mauro Faggion appeared cautiously optimistic as the European Commission waits to see whether all 27 member states will accept its proposal.

Sam Sholli, September 27, 2023

‘Only tax advisers’ will benefit from pillar two

The global minimum rate also won’t entirely stop a race to the bottom, according to a tax director speaking at an ITR conference in London.

Sam Sholli, September 27, 2023

Tax director: Germany ‘more aggressive’ on inter-company finance and transactions

The country’s tax authorities are not interested in seeing transfer pricing studies any more, it was claimed at an ITR industry conference in London.

Sam Sholli, September 26, 2023

Italy offers lenders opt-out on windfall tax

The controversial measure is being watered down after criticism from the European Central Bank.

Sam Sholli, September 25, 2023

HMRC boosts requests to foreign tax authorities about UK residents

More than 600 such requests were made in 2022, while HMRC has also bolstered its fraud service, it has been revealed.

Sam Sholli, September 25, 2023

This week in tax: EU court strikes out Belgian tax scheme on state aid grounds

The General Court reverses its position taken four years ago, while the UN discusses tax policy in New York.

Ralph Cunningham, September 22, 2023

Viersen, Germany - January 9. 2022: Closeup of mobile phone with

Amount B remains prominent sticking point in BEPS talks

Discussion on amount B under the first part of the OECD's two-pronged approach to international tax reform is far from over, if the latest consultation is anything go by.

Ralph Cunningham, September 21, 2023

Innovation and flexibility key to pillar two data readiness

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.

Russell Gammon, September 20, 2023