Perrigo Expects Settlement To Lower Irish Tax Debt
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.
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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.”
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.
CDER compliance office director Donald Ashley offers a cautionary note to temper expectations for the FDA’s enforcement in the supplement sector. “We continue to warn the public about products very often sold as dietary supplements that contain hidden drugs,” he says.