Glaxo To Pay IRS $3.4 Billion Tax Settlement Is Biggest in Agency's Histor

[Omaha Steve]

http://www.washingtonpost.com/wp-dyn/content/article/2006/09/11/AR2006091100429.html

Glaxo To Pay IRS $3.4 Billion
Tax Settlement Is Biggest in Agency's History

By David S. Hilzenrath
Washington Post Staff Writer
Tuesday, September 12, 2006; Page D01

Drug maker GlaxoSmithKline Holdings Inc. has agreed to pay the Internal Revenue Service $3.4 billion to settle claims that it underpaid U.S. taxes since 1989 by in effect shifting profits abroad.

The payment will be the largest the IRS has received to settle a tax dispute, the agency said yesterday.

Glaxo estimated that the matter could have cost it as much as $15 billion.

"We really felt that we paid sufficient taxes throughout the period, but the settlement is in the best interest of shareholders given the risk and uncertainty of the litigation," said Patricia Seif, a Glaxo spokeswoman.

FULL story at link above.

[Gormy Cuss]

1. Glaxo got a good deal.

They're paying 22 cents on the dollar in this settlement. The government is forgiving more than 10 billion in taxes yet this counts as a plum because it will be paid over 3 billion dollars?

I wish that I could pay my taxes that way.

[Benhurst]

2. Glaxo will make the payment from

loose change in its petty cash drawer.

[Demit]

3. They'll also use it as an excuse to make employees lives more miserable.

I'm sure they'll milk it so far that they end up slightly on the profit part of the ledger. Their management is ruthless.

[fasttense]

4. The Lords and masters don't pay taxes. That's for us "little people". n/t

[underpants]

5. Clearly this is Clinton's fault

:eyes: