With Irish Tax Assessment Upheld, Perrigo Plumbs US-Ireland Pact To Lower Debt
With both Ireland and US imposing tax assessments on same revenues – sales by Elan – tax agency officials from the countries will, at the request of Perrigo, negotiate whether both or one will demand payment and whether the amount will be lowered.
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OTC private label/store brand giant announces Irish authorities allow it to pay $308.7m to settle a $1.9bn assessment for back taxes ordered in 2018 linked to Rx ingredient royalty rights it gained in its 2103 merger with Elan.
Ireland’s Office of Revenue concluded it “would not object if the Tax Appeals Commission adjusted the amount of the assessment to less than €1 billion,” says Perrigo CEO Murray Kessler.
In investor conference presentations, CEO Kessler says “we have a very strong case that the way we filed those taxes was correctly and the assessment should be 0,” and bringing its European consumer health brands to the US is “finally starting to really happen.”