UPDATED – Oct 22/06 3am BDS
The Canadian Broadcasters Corp has done a story on the Merck taxes and says…
“Canada Revenue Agency is going after a portion of the income from sales through the affiliate because Barbados doesn’t collect taxes on pharmaceutical royalties.” (link here)
Original BFP Posting…
You know what they say… a billion here, a billion there and pretty soon you’re talking real money!
Who said, “I just want enough to whet my beak?”
Was that Owen or Mia?
Oh… sorry… that was the mob boss in Godfather II the day before he was shot by Vito (the Godfather) as a young man in New York City. (Love that movie!)
Anyway, somebody “whet their beak” for sure with this…
Ottawa claims Merck owes $2B in tax
Oct. 20, 2006. 12:56 PM
Revenue Canada is seeking $2 billion in unpaid taxes from pharmaceutical giant Merck Frosst, but Merck says the assessment is “without merit.”
The Montreal newspaper La Presse reported yesterday that the federal department sent a notice to the company this month seeking taxes on a portion of the global profits from its popular drug Singulair, an asthma treatment that was developed in Montreal. The claim covers taxes for 1998 to 2004.
Merck says it transferred a part of its profits from the drug to Barbados.
from Toronto Star Daily (link here)