Tuesday 16 January 2018

Endo to foot $60m tax bill after move

US President Barack Obama is trying to discourage US companies from settling outside of the US for tax reasons
US President Barack Obama is trying to discourage US companies from settling outside of the US for tax reasons

Endo International, one of a half-dozen US drugmakers that took Irish addresses to save on taxes, said it plans to spend $60m (€43.7m) to pay tax bills incurred by executives in connection with the switch. A pretax charge for that amount contributed to the company's $437m (€318.6m) loss in the quarter ended March 31.

The costs stem from a penalty the US congress imposes to discourage bosses from reincorporating firms in tax havens. Endo changed the incorporation to Ireland in February. Since then, the practice of switching legal domiciles has attracted attention in the US after Pfizer revealed plans to buy London-based AstraZeneca. (Bloomberg)

Irish Independent

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