Poor Merck.
Hot on the heels of the US IRS's $2.3 billion demand for the Bermuda Triangle/Project Ryland schmozzl comes this:
Revenue Canada is seeking $2 billion in unpaid taxes from pharmaceutical giant Merck Frosst, but Merck says the assessment is "without merit."
The Montreal newspaper La Presse reported yesterday that the federal department sent a notice to the company this month seeking taxes on a portion of the global profits from its popular drug Singulair, an asthma treatment that was developed in Montreal. The claim covers taxes for 1998 to 2004.
Merck says it transferred a part of its profits from the drug to Barbados.
The assessment is based on a tax rate of 22 per cent and includes interest and a penalty.
Source
Looks like Merck's tax advisers may have to earn their fees!
2 comments:
BREAK
Hi there, I have read your blog and you have a very good post and blog. I certainly agree with your blog articles or should I say issue you are discussing. In fact, you should add more articles with regards to your subject more often so that I can come visiting to your blog. How often do you find new and research stuff? Are there any opportunities that I can contribute to your blog. I believe other blog readers would love to read more related stuff. This way, your PR rank for this blog will raise if more visitors are coming. Keep up the good work! Eddy. Get your Early Symptoms Of Asthma Report Now! and get your health back fast!
Post a Comment