Tax authority demands retroactive taxes from Teva

Jan 17, 2019

The Israel Tax Authority intends to demand that Teva Pharma hands over NIS $1 billion ($271 million) in retroactive tax for 2014-2015, according to sources connected to an Israeli financial publication.

Due to a tax break, Teva did not have to pay taxes in Israel for the decade preceding 2014. The tax category giving Teva those benefits was cancelled in 2014, following public criticism. Teva paid taxes in Israel for 2014-2015, but the local tax authority is seeking further payments for that period, sources told Calcalist.

The timing isn't ideal for Teva, as the drugmaker continues to sell assets, layoff workers, and close plants to ease its debts, which still total more than $27 billion, according to CEO Kare Schultz.

Want to get news like this in your inbox?  Subscribe to our eNewsletter here!

Show Comments
Hide Comments

Join the discussion

We welcome your thoughtful comments.
All comments will display your user name.

Want to participate in the discussion?

Register for free

Log in for complete access.

Comments

No one has commented on this page yet.

RSS feed for comments on this page | RSS feed for all comments