Takeda seeks resolution to transfer pricing dispute
This article was originally published in Scrip
Executive Summary
Takedais pursuing a new mutual agreement procedure under US/Japan tax agreements in the hope of settling a payment of ¥57.1 billion ($530.7 million) which it was ordered to make by Japanese tax authorities in June 2006. This followed an official assessment of profits earned in the US over six years from the end of March 2000 under agreements between Takeda and its now-dissolved US joint venture withAbbott, TAP Pharmaceutical Products, for the proton pump inhibitor Prevacid (lansoprazole). Takeda paid the additional taxes in July 2006 but lodged an appeal on which no decision has yet been made. This will now be withdrawn, with the firm to seek a new resolution under a mutual advance pricing agreement which it is seeking for the period from April 2005.
You may also be interested in...
Quick Listen: Scrip’s Five Must-Know Things
Join us for an audio catch-up on the latest key developments in the global biopharma industry, as reported by Scrip's global team, in this mini podcast version of Five Must-Know Things.
Japan Regulators Kept On Track Despite Pandemic
While it was not as affected as some other countries, Japan still had the pandemic to deal with and regulators responded while managing to keep up regular product review work, including several world-first approvals. Coronavirus vaccine roll-outs and the first general annual reimbursement price cut are on the cards for this year.
Quick Listen: Scrip’s Five Must-Know Things
Join us for an audio catch-up on the latest key developments in the global biopharma industry, as reported by Scrip's global team, in this mini podcast version of Five Must-Know Things.
Need a specific report? 1000+ reports available
Buy Reports