GSK in record settlement with IRS

09/11/2006 | Washington Post, The

GlaxoSmithKline Holdings has agreed to pay $3.4 billion to resolve a tax dispute with the Internal Revenue Service, the largest such settlement in IRS history. The dispute involved transfer pricing between GSK and some of its foreign affiliates relating to various GSK products. The company said it previously had made provisions for resolution of the issue and the settlement is not expected to have a significant impact on GSK's reported earnings or tax rate.

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