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William Ewing 2016-07-08
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Your browser does not support HTML5 videoPlayPausePlayPauseMute0%00:00 / 00:00FullscreenSmallscreen Close Embed Feed Mark Zuckerberg touts Messenger chatbots and opens up Facebook Live IBTimes UK

Facebook might have cut its tax bills after potentially underestimating the value of intellectual property it transferred to its Irish subsidiary by "billions of dollars", the US Internal Revenue Service IRS said on Friday 8 July .

US authorities are investigating whether the world's largest social media network deliberately underestimated its US income by selling rights to an Irish subsidiary too cheaply.

The practice would have allowed Facebook to reduce its taxable income in the US, which has a corporate tax rate of at least 35%, and boost its income in Ireland, where the tax rate stands at 12.5%.

On Wednesday, the US Justice Department filed a lawsuit in San Francisco, calling for the social network to produce a series of documents as part of the probe.

The Nasdaq-listed company's tax adviser Ernst & Young E were in charge of determining the price for the intangible property, according to the lawsuit.

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Jeffrey Zambrana 2017-06-21
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Over the last six years, the drug maker has earned hundreds of millions in tax credits that have lowered its already very low tax rate and raised its overall bottom line.

According to Reuters, the credits helped Mylan lower its tax rate to just over four percent in 2014 and to 7.4 percent in 2015.

In e-mailed comments to Ars, Mylan verified that the numbers and information in Reuters’ report were accurate.

A group of shareholders, frustrated by the EpiPen pricing scandal and board members’ eye-popping compensation packages, has been working to rally other shareholders to unseat the current board.

Last week, independent advisory firm Institutional Shareholder Services (ISS), which advises shareholders on how to vote, also urged Mylan’s investors to oust the board, as well as the compensation committee members.

New York City Comptroller Scott Stringer, who oversees New York City pensions that own more than 1.1 million shares of Mylan, is leading the campaign against Mylan’s current board.

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Jorge Medina 2016-08-23
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EpiPen, the life-saving allergy product, is now a $1 billion a year business for Mylan, a drug company that s currently enduring a wave of bad publicity over the extraordinary surge in EpiPen pricing.

In 2007, an EpiPen cost about $57.

I ve never used an EpiPen, but as someone with a peanut allergy who once made his own trip to the ER after a particularly unfortunate restaurant experience these Chinese beans sure are crunchy...

From FDA policy changes that expanded the number of consumers to which the product could be marketed, to legislation signed in 2013 that put EpiPens in schools across the country, the federal government has helped Mylan stack the deck for its product.

And parents who now see EpiPens as a necessity are fearing for their children s lives when they can t access the drug.

This outrageous increase in the price of EpiPens is occurring at the same time that Mylan Pharmaceutical is exploiting a monopoly market advantage that has fallen into its lap, Senator Amy Klobuchar from Minnesota said in a recent statement criticizing Mylan s business practices.

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William Ewing 2016-07-08
img

Your browser does not support HTML5 videoPlayPausePlayPauseMute0%00:00 / 00:00FullscreenSmallscreen Close Embed Feed Mark Zuckerberg touts Messenger chatbots and opens up Facebook Live IBTimes UK

Facebook might have cut its tax bills after potentially underestimating the value of intellectual property it transferred to its Irish subsidiary by "billions of dollars", the US Internal Revenue Service IRS said on Friday 8 July .

US authorities are investigating whether the world's largest social media network deliberately underestimated its US income by selling rights to an Irish subsidiary too cheaply.

The practice would have allowed Facebook to reduce its taxable income in the US, which has a corporate tax rate of at least 35%, and boost its income in Ireland, where the tax rate stands at 12.5%.

On Wednesday, the US Justice Department filed a lawsuit in San Francisco, calling for the social network to produce a series of documents as part of the probe.

The Nasdaq-listed company's tax adviser Ernst & Young E were in charge of determining the price for the intangible property, according to the lawsuit.

Jorge Medina 2016-08-23
img

EpiPen, the life-saving allergy product, is now a $1 billion a year business for Mylan, a drug company that s currently enduring a wave of bad publicity over the extraordinary surge in EpiPen pricing.

In 2007, an EpiPen cost about $57.

I ve never used an EpiPen, but as someone with a peanut allergy who once made his own trip to the ER after a particularly unfortunate restaurant experience these Chinese beans sure are crunchy...

From FDA policy changes that expanded the number of consumers to which the product could be marketed, to legislation signed in 2013 that put EpiPens in schools across the country, the federal government has helped Mylan stack the deck for its product.

And parents who now see EpiPens as a necessity are fearing for their children s lives when they can t access the drug.

This outrageous increase in the price of EpiPens is occurring at the same time that Mylan Pharmaceutical is exploiting a monopoly market advantage that has fallen into its lap, Senator Amy Klobuchar from Minnesota said in a recent statement criticizing Mylan s business practices.

Jeffrey Zambrana 2017-06-21
img

Over the last six years, the drug maker has earned hundreds of millions in tax credits that have lowered its already very low tax rate and raised its overall bottom line.

According to Reuters, the credits helped Mylan lower its tax rate to just over four percent in 2014 and to 7.4 percent in 2015.

In e-mailed comments to Ars, Mylan verified that the numbers and information in Reuters’ report were accurate.

A group of shareholders, frustrated by the EpiPen pricing scandal and board members’ eye-popping compensation packages, has been working to rally other shareholders to unseat the current board.

Last week, independent advisory firm Institutional Shareholder Services (ISS), which advises shareholders on how to vote, also urged Mylan’s investors to oust the board, as well as the compensation committee members.

New York City Comptroller Scott Stringer, who oversees New York City pensions that own more than 1.1 million shares of Mylan, is leading the campaign against Mylan’s current board.