Category: Abbott Laboratories

Law Case Launched Against European Commission Over Tax Probe Cover-Up

Documentary Evidence European Union lawmakers sitting on the TAXE committee investigating corporate tax evasion in Europe say they have become frustrated at changes to their mandate and the unwillingness of the European Commission to hand over documents for their investigation. The matter is all the more personal as Commission President… – Continue reading

Ireland – the tax haven

‘We’re not a tax haven, we have never been involved in any kind of tax malpractice’ – Michael Noonan, Irish Minister for Finance 5th October 2015 ‘Nobody is using Ireland as a tax haven’ – Minister for Agriculture, Simon Conveney, The UN’s Philip Aston says, ‘When lists of tax havens… – Continue reading

Allegations surround Wilson Security’s link to HK bribes scandal and tax haven

Exclusive: company faces renewed questions over its fitness as security contractor at Australian detention centres on Manus Island and Nauru Wilson Security faces renewed questions about its fitness as security contractor in Australia’s offshore detention centres in light of its corporate links to a tax haven, a corruption scandal that… – Continue reading

Transfer pricing audits: flipping the tested party

Introduction Transfer pricing methods and tested parties Troubling trend Tools for taxpayers Introduction In some recent transfer pricing audits the Internal Revenue Service (IRS) has ‘flipped the tested party’ after examining transactions between related US and foreign companies. Typically, this practice results in the attribution of a larger portion of… – Continue reading

Perrigo buying Naturwohl in new pharma deal

Pharmaceutical industry acquisition target Perrigo (PRGO) Wednesday said it’s buying German pharmacy company Naturwohl Pharma GMbH, the latest transaction in the sector’s surge of mergers and acquisitions. Perrigo, operated from Michigan but headquartered in Dublin following a corporate tax inversion, did not disclose terms of the deal for Naturwohl and… – Continue reading

Mylan to U.S. Government: We Want Everything for Free

Last year at this time, more than a dozen U.S.-based corporations were threatening to move their legal residence to foreign tax havens in a paper transaction known as an inversion. Facing a wave of public opposition, some corporations abandoned these inversion attempts—notably, drugstore chain Walgreens put its plans on ice,… – Continue reading

Big Medical Device Makers Decry Device Tax While Dodging Billions by Offshoring Profits

Stymied in their efforts to fully repeal the Affordable Care Act (ACA), Republican leaders in Congress continue their efforts to undermine the law by starving it of funding. Today, the Senate Finance Committee will consider legislation that would repeal some of the tax changes enacted to pay for the ACA…. – Continue reading

Mylan $23 Million Chairman Shows Looming Teva Culture Clash

Mylan NV Executive Chairman Robert Coury made $22.7 million, including $1 million for his personal use of the drugmaker’s two corporate jets, in 2012 and 2013. At Israeli rival Teva, shareholders in 2012 balked at raising the chairman’s salary to $900,000 a year. The contrast highlights the sharp differences that… – Continue reading

Democratic Senate Candidate Invests In Companies That Outsource Jobs, Hide Money Offshore

Since entering the Illinois Senate race last week, Democratic Rep. Tammy Duckworth has been running a protectionist campaign, railing against her Republican opponent’s alleged support for outsourcing jobs and overseas tax havens. But financial records obtained by The Daily Caller show that Duckworth has investments in companies that use offshore… – Continue reading

Mylan makes $29B bid for rival drugmaker Perrigo

Mylan-Perrigo deal would combine two generic drugmakers that recently left the U.S. for Europe. NEW YORK — In a deal that would combine two generic drugmakers that recently left the U.S. for Europe, Mylan says it wants to buy Perrigo for $205 per share, or $28.86 billion. Shares of both… – Continue reading

Erin Go Bragh! American Companies See Green in Ireland

Irish eyes are smiling in corporate America. The Emerald Isle has emerged as the world’s top recipient of U.S. foreign direct investment, according to a report from the American Chamber of Commerce Ireland. In the first nine months of 2014, Ireland beat the likes of Canada, Mexico, the U.K. and… – Continue reading

Drugmaker Mylan’s 4th-qtr profit rises on strong demand in N. America

March 2 (Reuters) – Generic and specialty drugmaker Mylan Inc reported a rise in quarterly profit and revenue, driven mainly by strong demand for its generics in North America. Net profit attributable to the company’s common shareholders rose to $189.2 million, or 47 cents per share, in the fourth quarter… – Continue reading

U.S. companies may not be fleeing due to high tax rate, Reuters analysis shows

(Reuters) – When a series of big U.S. companies last year moved to reincorporate abroad in inversion deals, some Republican lawmakers and tax policy critics blamed the high U.S. corporate tax rate. Lowering it, they said, would keep companies from fleeing the country. But a Reuters analysis of the taxes… – Continue reading

Inversions Are Often Last Stop for Avoiding U.S. Taxes

The surge in U.S. companies avoiding taxes by taking a foreign address has been condemned by President Barack Obama and stirred a policy debate in Congress. What’s often overlooked is that these “inversions” are typically a final step in a hopscotch of multinational tax dodging. Many companies invert after years… – Continue reading

29% Of Largest Corporations Pay More To CEO Than Uncle Sam

CEG says the U.S. corporate tax system is in desperate need of reform A recent report from the Center for Effective Government (Fleecing Uncle Sam) highlights that many large U.S. companies pay little to no corporate taxes, and a few even get tax rebates from the federal government. Moreover, in… – Continue reading

Global Tax Topical Focus – Corporate Inversions FAQ

To some, US companies switching their tax residency to gain a tax advantage are economic “traitors.” To others, they are victims of a United States tax code that effectively punishes them for investing at home and encourages them to look for opportunities overseas. In this Tax-News Topical Focus, we try… – Continue reading