Teva to pay NIS 336m taxes on 'trapped profits'

By GLOBES
May 30, 2013 14:25

Teva Pharmaceutical Industries announced Thursday that it will pay NIS 336 million ($91 million) in taxes under Amendment 69 to the Law for the Encouragement of Capital Investments (the so-called "trapped profits"), and is considering paying an additional amount by November.

The law currently permits an Israeli company to use tax-exempt profits accumulated prior to the end of 2011 for dividends, as long as certain reduced taxes are paid.

"Teva has always complied with the law and its spirit. During the company's 110 years, with the help of the law, we have contributed much to the country's economic growth, and we will continue to do so in the future," said Teva president and CEO Jeremy Levin. "We intend to discuss with the Finance Ministry about the concept and vision guiding proposed changes in the law. Teva is a strong and profitable multinational company and a national asset for the State of Israel."


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