Irelandâs tax authorities have rejected an offer from consumer healthcare group Perrigo to settle an outstanding â¬1.64 billion tax bill.
The decision has emerged just days after Perrigo chief executive told analysts for the first time that the company had made an offer to the Revenue Commissioners.
Chief executive Murray Kessler said in the call on Tuesday that âsufficient progressâ had been made in discussions with Revenue over several months for Perrigo to âsubmit a board-approved offer to settle the matterâ.
However, in a filing to the US companies regulator, the Securities and Exchange Commission late on Wednesday, the company conceded that the offer had been rejected.
Perrigo says Revenue has rejected tax offer
Updated / Thursday, 13 May 2021
15:17
Perrigo still has an outstanding appeal before the Tax Appeals Commission
US drugmaker Perrigo has said that Revenue has rejected an offer to settle a €1.64 billion tax bill it claims the company owes for back taxes.
In a filing to the Securities and Exchange Commission, the firm said Irish tax authorities verbally indicated that a written settlement offer made through its tax adviser at the end of April would not be accepted as presented.
A formal response would be transmitted in due course.
The development came just days after the chief executive of Perrigo disclosed that the offer had been made to the tax authority at the end of last month.
The Stateâs tax authorities have rejected an offer from consumer healthcare group Perrigo to settle an outstanding â¬1.64 billion tax bill.
The decision has emerged just days after Perrigo chief executive told analysts for the first time that the company had made an offer to the Revenue Commissioners.
Chief executive Murray Kessler said in the call on Tuesday that âsufficient progressâ had been made in discussions with Revenue over several months for Perrigo to âsubmit a board-approved offer to settle the matterâ.
However, in a filing to the US companies regulator, the Securities and Exchange Commission late on Wednesday, the company conceded that the offer had been rejected.
A hearing related to a €1.64bn tax assessment by the Revenue Commissioners against US drug firm Perrigo is now slated to be held in November by the Tax Appeals Commission.
Last November, the High Court here upheld a 2018 assessment raised against Perrigo, which has its corporate headquarters in Dublin.
In 2018, the Revenue Commissioners hit Perrigo with the €1.64bn tax claim related to the drug company s acquisition of Irish pharma firm Elan in 2013. Eight months prior to its acquisition by Perrigo, Elan had sold a 50pc in multiple sclerosis treatment Tysabri to US pharma firm Biogen.
Elan received an upfront cash payment of $3.25bn from Biogen, as well as an ongoing royalty stream.