Teva Agrees To Pay $720M In Israeli Tax Agreement

Law360, New York (November 12, 2013, 2:41 PM EST) -- Teva Pharmaceutical Industries Ltd. will pay the Israeli government 2.54 billion shekels ($720 million) in taxes after agreeing to release some undistributed profits and settle tax assessments dating back to 2005, the company said Monday.

The generic drugmaker will pay the Israel Tax Authority 840 million shekels to settle tax assessments between 2005 and 2011 and also will pay 2 billion shekels under the nation’s so-called trapped profits law, joining Israel Chemicals Ltd., which made a similar move Sunday. Teva’s agreement includes a 336 million shekel...
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