Global Economics Group Client AstraZeneca Reaches $1.1 Billion Settlement with US and UK Tax Authorities

By Global Economics Group on May 27, 2011

Global Economics Group client AstraZeneca recently announced a $1.1 billion settlement of tax controversies with U.S. and U.K. tax authorities.   The agreement resolves all U.S. transfer pricing and related valuation issues for years 2000-2010.  The company had previously set aside a provision of $2.3 billion for such matters.  Principal Francis Burns and Senior Associate Gabriel Ratliff worked closely with AstraZeneca’s international tax team and Washington DC law firms Skadden Arps and McDermott Will & Emery in reaching this resolution.  As part of the negotiation process, Mr. Burns participated in face-to-face meetings with high-level IRS personnel on behalf of AstraZeneca.