US pharmaceuticals giant AbbVie has won an appeal against an unexpected â¬500 million-plus Irish stamp duty bill it was left with in relation to its takeover of Dublin-domiciled peer Allergan last year.
The Irish Tax Appeals Commission published its determination in the case on its website in recent days in a heavily-redacted document that does not name the appellant.
âThe Commissioner determines that the assessment raised under section 31D of the SDCA (Stamp Duties Collection Act 1999) should be reduced to nil,â said Marie-Claire Maney, chairperson of the Tax Appeals Commission. âThe appellant should not have received the assessment in respect of the transaction, as this came within the definition of restructuring operations.â