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ARTICLE | Financial News

Teva financial update

November 18, 2013 8:00 AM UTC

Teva said it will pay the Israel Tax Authority NIS2.5 billion ($717.9 million), including NIS2 billion ($565.3 million) under Amendment 69 to the country's Law for the Encouragement of Capital Investments. Under the law, an Israeli company can pay a reduced tax rate on its tax-exempt profits accumulated prior to the end of 2011, which the company can then distribute to shareholders without paying additional corporate tax. A company that elects this rate must make certain qualified investments in Israel over a five-year period beginning in 2013. The NIS2 billion includes NIS336 million ($92.4 million) in taxes Teva already paid in May. ...