The Italian subsidiary of the American pharmaceutical company Pfizer may have committed tax evasion. According to Bloomberg news agency, the company is accused of transferring profits of 1.2 billion euros to departments in other countries. In this way, the profit taxes payable in Italy should be avoided.
The tax audits cover the years leading up to the coronavirus pandemic, between 2017 and 2019. Bloomberg reported that Pfizer Italy transferred €1.2 billion to divisions in the US and the Netherlands. These are associated with Pfizer Production and Manufacturing. A tax audit has already started.
Company: “Routine Checks”
The spokeswoman for the listed pharmaceutical company Pam Eisele, on the other hand, spoke of “routine checks” and that there was cooperation with the Italian authorities. “Pfizer complies with Italian tax rules and requirements,” she said. Specifically, the company is accused of not having paid the profit tax in Italy for 1.2 billion euros.
Pfizer, headquartered in New York City, is the world’s largest pharmaceutical company. Thanks to Covid-19 preparations such as the drug Paxlovid and the joint vaccine with Biontech, the company was able to almost double its turnover in 2021. This was 81.3 billion dollars (equivalent to 80.79 billion euros).
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
