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AstraZeneca to pay $1.1bn tax settlement
AstraZeneca has reached an agreement with UK and US authorities to pay $1.1bn to resolve all US transfer pricing and related valuation matters covering 2000 to 2010
AstraZeneca (AZ) has reached an agreement with UK and US authorities to pay $1.1bn to resolve all US transfer pricing and related valuation matters covering 2000 to 2010. The costs relate to an Advance Pricing Agreement relating to transfer pricing arrangements for AstraZeneca's US business for the period from 2002 to the end of 2014. AstraZeneca will make the agreed payment during 2011.
AZ had previously set aside $2.3bn to resolve this issue. As a result, it is now able to release $0.5bn, increasing the company's earnings per share for Q1 2011.
AZ has also reached agreement with the US tax authorities relating to matters arising as a result of integration of AZ's US businesses in 2000 following the global AstraZeneca merger in 1999.
As a result of the agreement, AZ's effective tax rate for 2011 has decreased by around 6 per cent resulting in an increase of earnings per share to around $6.90 to $7.20 from $6.45 to $6.75.
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