The pinnacle of the U.S. Senate Finance Committee is in search of particulars from Bristol Myers Squibb (BMY) a few decade-old deal through which the corporate used offshore subsidiaries in Eire allegedly to keep away from paying as a lot as $1.4 billion in U.S. taxes on prescription drug gross sales.
The question is a part of an ongoing investigation into tax practices by multi-national pharmaceutical corporations and the way tax loopholes permit these drug makers to keep away from paying U.S. taxes. Final June, Sen. Ron Wyden (D-Ore.), who chairs the committee, accused AbbVie (ABBV) of shifting earnings offshore and registering patents in low-tax jurisdictions to constantly keep away from paying U.S. company revenue taxes.
