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Tax Authority demands NIS 2.7b from Teva

By GLOBES

JANUARY 5, 2012 16:04

Israel's Tax Authority has issued an assessment requiring Teva Pharmaceutical Industries Ltd. to pay NIS 2.7 billion regarding several matters related to the Law for the Encouragement of Capital Investment.

In response to the tax demand, Teva said, "The income tax claim is based on the groundless concept that acquiring companies by Teva is a dividend liable to tax. In Teva's opinion, and in line with an analysis by the best tax experts, this is an erroneous interpretation of the law and would be rejected by the courts if and when the matter is brought before them. Moreover, according to a professional opinion that we have obtained there is no need to set aside money for this assessment."

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Teva added, "Teva has been exemplary in the application of the Law for the Encouragement of Capital Investment and the tax incentives stemming from it. Teva operates at 16 sites in Israel, factories and research centers, from Kiryat Shmona to Ramat Hovav. The company supports 10,000 families directly and a further 40,000 families indirectly. Teva's tax payments in its extended activities reach NIS 3 billion annually. In 2010, exports from Israel amounted to more than NIS 20 billion, and R&D investment was NIS 1.9 billion. Fixed capital investment was NIS 1 billion in 2010 and has totaled NIS 15 billion since 2000."

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