The Americans for Tax Fairness (ATF) group has suggested that an Irish tax loophole allowed Gilead Sciences to increase its untaxed offshore profits three-fold.
In a submission to the Securities and Exchange Commission (SEC) – the US markets regulator – ATF alleges that Gilead began to shift the economic rights for the US patent on the Sovaldi medicine to Ireland in 2013 and that this "most likely" allowed it to lower its US profits and avoid $10bn in tax as a result.
In a submission to the Securities and Exchange Commission (SEC) – the US markets regulator – ATF alleges that Gilead began to shift the economic rights for the US patent on the Sovaldi medicine to Ireland in 2013 and that this "most likely" allowed it to lower its US profits and avoid $10bn in tax as a result.
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