Category: AstraZeneca

Brexit Risks Losing Corporate Tax Break Worth Billions in U.K.

British multinational companies face new withholding taxes that may cost hundreds of billions of euros a year if U.K. voters decide to leave the European Union, international tax specialists say. A so-called Brexit “would have a major impact” on British corporations that have subsidiaries in the EU, said Daniel Gutmann,...

UN urges countries to stem tide of firms profit-shifting to tax havens

Unctad thinktank shows firms funnelled $221bn in 2015 through low-tax jurisdictions such as the Netherlands and tax havens in the Caribbean The UN has urged governments to stem the flow of funds to tax havens after companies funnelled $221bn (£152bn) into countries with low tax rates last year. The Netherlands...

10 biggest multinational offenders evading taxes in the UK

The brands are known worldwide, and even though global companies like Google, Amazon, and Starbucks make billions — they pay little or no taxes at all in the UK and other markets where the firms make a majority of revenue and profits. Companies like Microsoft, Twitter, and Apple don’t set...

Big Pharma’s deal-making zeal could be on the wane

A rout in pharmaceutical and biotech stocks has altered the equation for chief executives thinking about big-ticket mergers and acquisitions. On one hand, target companies are much cheaper than they were: roughly $130 billion has been wiped off the Nasdaq biotech index since Hillary Clinton, the Democratic presidential front-runner, pledged...

Secret tax archives: UK joins move to block MEPs’ access

Treasury says making available documents detailing tax policies tailored for multinational firms would jeopardise ‘open and frank discussions’ The UK has joined Luxembourg, the Netherlands and Belgium in blocking attempts by a committee of MEPs to gain access to secret European archives that detail some of most controversial tax policies...

Report: AstraZeneca funnels billions into Dutch tax-avoidance scheme

AstraZeneca ($AZN) is not the first company to employ questionable tax-planning strategies, and it certainly won’t be the last. But the U.K.-based drugmaker is the latest poster child for tax avoidance. As The Guardian reports, AstraZeneca funneled billions of dollars into the Netherlands to get out of paying corporate taxes...

Revealed: how AstraZeneca avoids paying UK corporation tax

Pharmaceuticals group defends use of legal avoidance scheme, after paying no UK corporation tax over two years despite global profits of £3bn AstraZeneca, one of Britain’s largest businesses, is using a multimillion-pound tax avoidance scheme in the Netherlands, set up months after the UK relaxed its tax laws for multinationals...

Are corporate tax inversions ‘unpatriotic’?

Moving overseas to cut tax burden remains a viable option for some firms, though the presidential candidates may have other plans. With the long haul of a presidential election campaign just beginning, companies that leave the U.S. to lower their tax bills are once again political targets. Donald Trump this...

Focus on tax avoidance, not GST hikes

What is the difference between 30 per cent of zero and 20 per cent of zero? Correct: precisely $5227.27 less than a Bronwyn-Bishop-taxpayer-funded helicopter trip from Melbourne to Geelong. A reduction in the corporate tax rate, as unrelentingly espoused by the business lobby in its pro-GST campaign, may be a...

The $100 Billion Deal Is Still Out There for Pharma

Why stop at $221 billion? Drug companies are entering another round of dealmaking, after plowing past the global record. Teva Pharmaceutical Industries Ltd.’s $40.5 billion agreement Monday to purchase Allergan Plc’s generic-medicines business puts the mechanism in place to trigger more takeovers. For starters, the remaining Allergan company — with...

Pharmaceutical companies accused of profit shifting not being taken to court

None of the pharmaceutical companies that are accused of profit shifting have been taken to court, the Australian Taxation Office has said in written responses to the Senate inquiry into corporate tax avoidance. Earlier in July executives from the largest global pharmaceutical companies operating in Australia were hauled before the...

Drug companies won’t deny Australia is being ‘ripped off’ on medicines

Multinational pharmaceutical companies are unable to assure Australians they are not being “ripped off” on the price of medicines as a result of their complex global supply chains. The Australian heads of nine of the biggest global drug suppliers were forced into the embarrassing admission on Tuesday after backing themselves...

Drug companies give their tax affairs a clean bill of health ahead of Senate grilling

Multinational drug companies are presenting a united front ahead of their appearance at the Senate’s corporate tax avoidance inquiry, insisting they are honest, ethical and pay their fair share of tax. Nine pharmaceutical companies, which between them receive billions of dollars in taxpayer-subsidised sales via the Pharmaceutical Benefits Scheme, will...

Pharmaceutical companies called on to explain tiny tax contribution

The five biggest suppliers of publicly subsidised medicines in Australia recorded sales of nearly $5 billion last year but paid an average of just $10 million each in company tax. Research by the Parliamentary Library, obtained by Fairfax Media, has disclosed the tax contribution of multinational pharmaceutical companies, including Pfizer...

Inversion Deals Aren’t Dead; They Are Just On A Smaller Scale Now

Last September, the US Treasury Department announced new tax rules designed to crack down on the rising trend of “tax-inversion” deals in the pharmaceutical industry, as an increasing number of US firms had begun to pursue overseas acquisitions in attempts to relocate their legal addresses to non-US based headquarters to...

Pfizer Inc. (PFE) Rumored To Be Eyeing British Giant GlaxoSmithKline plc (ADR)

Pfizer Inc. (NYSE:PFE) went big exactly a year ago when it announced a takeover offer for UK-based AstraZeneca plc (ADR) (NYSE:AZN). The company’s decision to lap up AstraZeneca was seen as opportunistic; it being laced with controversy on many accounts, with some allegations behind the company’s proposition to acquire AstraZeneca...

How an Obscure Tax Loophole Brought Down Obama’s Treasury Nominee

(Bloomberg) -– So how did the previously obscure term tax inversions become part of Washington parlance, fodder for the next presidential campaign and the issue that helped derail a U.S. Treasury nominee? Thank, or blame, depending on your perspective, cutting-edge tax lawyers, populist Democrats, a banana seller, a drugmaker, a...

Tax Inversions Wrap Up

There has been a recent surge in anti-tax inversion legislation discouraging companies attempting to shift corporate subsidiaries or headquarters to low-tax or tax-free countries. The issue was subjected to a great deal of publicity in April 2014 during the failed hostile takeover by Pfizer (NYSE:PFE) for AstraZeneca (NYSE:AZN) when Pfizer...

The inversion backlash

Something strange happened in 2014 — Americans became very interested in corporate tax policy. It started in the spring, when U.S.-based pharmaceutical giant Pfizer, which produces blockbuster drugs like Lipitor and Viagra, floated a possible merger with its British-based rival AstraZeneca. Normally a merger of that size would make a...

US Republican presidential hopeful Jeb Bush uses UK fund that could lower his American tax bill

Jeb Bush, a front-runner to become the Republican Party’s next presidential nominee, has used Britain to set up a private equity fund that could possibly allow it to avoid paying tax in America. The potentially damaging revelation was uncovered by the financial news wire Bloomberg and could pose a serious...