Amgen fights IRS over $10.7 billion in taxes

biotechnologies Amgen Inc. is in a pitched battle with the Internal Revenue Service over the company’s international tax strategy and $10.7 billion in back taxes and penalties that the agency says are owed to it. due.

IRS says Amgen underreported taxable income by nearly $24 billion from 2010 to 2015 by improperly allocating what the agency says should have been U.S. profits to a Puerto Rico subsidiary who oversees the manufacture of the company’s drugs.


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