An Accidental Disclosure Exposes a $1 Billion Tax Fight With Bristol Myers
The I.R.S. believes the American drugmaker used an abusive offshore scheme to avoid federal taxes.
Dr. Giovanni Caforio, the chief of Bristol Myers Squibb, last year during a House committee hearing on drug prices.Credit.Pool photo by Greg Nash
April 1, 2021, 5:00 a.m. ET
Almost nine years ago, Bristol Myers Squibb filed paperwork in Ireland to create a new offshore subsidiary. By moving Bristol Myers’s profits through the subsidiary, the American drugmaker could substantially reduce its U.S. tax bill.
Years later, the Internal Revenue Service got wind of the arrangement, which it condemned as an “abusive” tax shelter. The move by Bristol Myers, the I.R.S. concluded, would cheat the United States out of about $1.4 billion in taxes.
Deloitte and Tax Analysts Take Great Strides to Increase Tax Policy Transparency
Professional services leader joins forces with nonprofit to make federal tax law library easily accessible to the public
News provided by
Share this article
Share this article
NEW YORK, Jan. 6, 2021 /PRNewswire/ Today Deloitte Tax LLP ( Deloitte ) announced an agreement with Tax Analysts, the publisher of the
Tax Notes product portfolio, to make the nonprofit s federal tax law library available to the general public. Placing Tax Notes entire federal tax law library in front of a paywall is a win for tax policy transparency, as it grants the public easy access to timely information and updates on a platform that is intuitive and reliable.