Bloomberg Tax
Free Newsletter Sign Up
Bloomberg Tax
Free Newsletter Sign Up

Bristol-Myers Targeted by Top Democrat on Offshore Tax Deal (1)

Jan. 18, 2022, 10:09 PM

The head of the Senate Finance Committee is seeking details from Bristol-Myers Squibb Co. about a decade-old offshore deal that let the pharmaceutical giant cut it’s tax rate by more than 30 percentage points.

Senator Ron Wyden sent a letter Tuesday to Bristol-Myers Chief Executive Officer Giovanni Caforio asking him to explain a 2012 transaction that shifted the company’s intellectual property profits to Ireland and resulted in its tax rate falling to -6.9% that year from 24.7% the year before.

Ron Wyden
Photographer: Sarah Silbiger/Bloomberg

The Oregon Democrat also asked for details about how the company’s tax and legal advisers, accounting firm PwC and ...

To read the full article log in. To learn more about a subscription click here.