Australasian Business Intelligence - Tax Analysts obtains Glaxo APA.
Byline: Audrey Nutt
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Feb 05, 2007 (Tax Notes International - ABIX via COMTEX) — GlaxoSmithKline (GSK) has settled its transfer pricing dispute with the US Internal Revenue Service for $A3.4bn. The case related to the appropriate pricing of GSK’s drug Zantac. However the decision relied largely on an intragroup sales arrangement by GSK’s predecessor, SmithKline Beecham, for the drugs Tagamet and Dyazide. Important evidence was a confidential 1993 advance pricing agreement (APA) that detailed the company’s resale price method. During the case, a group of anonymous third parties …
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