Israel's Teva to pay $718 million in Israeli taxes

Nov 11, 2013

Israel's Teva Pharmaceuticals Industries Ltd. says it has reached an agreement with the country's tax authority to pay roughly $718 million to settle a series of claims against the drug maker.

The money will settle tax assessments on "trapped profits," earnings that result from special corporate tax breaks, and pay separate back taxes.

Teva, the world's largest generic , has long been a source of pride in Israel. But the company's image has been tarnished by plans for mass layoffs, including hundreds of jobs in Israel.

The layoff plans caused uproar in Israel, where the company has enjoyed years of tax breaks and other incentives, and forced Teva's to step down last month.

Acting CEO Eyal Desheh said Monday's agreement was "beneficial" for both Teva and Israel.

Explore further: CEO of drug maker Teva out ahead job cuts (Update)

not rated yet
add to favorites email to friend print save as pdf

Related Stories

CEO of drug maker Teva out ahead job cuts (Update)

Oct 30, 2013

Israeli drug manufacturer Teva Pharmaceuticals Ltd. announced Wednesday its CEO had resigned, following a public uproar over a contentious restructuring plan set to cut thousands of jobs worldwide.

Israeli drug maker in uproar over planned layoffs

Oct 16, 2013

As the world's leading maker of generic drugs, Teva Pharmaceutical Industries Ltd. is a huge source of pride for Israel. Now, following an announcement of planned layoffs and revelations it enjoys sweeping ...

Israeli generic drug giant Teva to buy Cephalon

May 02, 2011

Teva Pharmaceutical Industries, the world's largest generic drug maker, will buy US biopharma firm Cephalon in a $6.8 billion deal, the companies said in a joint statement Monday.

Recommended for you

China's Alibaba plans IPO for week of September 8

16 hours ago

Chinese e-commerce giant Alibaba plans to hold its initial public offering on the US stock market the week of September 8, the Wall Street Journal reported Saturday, citing a person familiar with the matter.

Tablet sales slow as PCs find footing

17 hours ago

Tablets won't eclipse personal computers as fast as once thought, according to studies by market tracker International Data Corporation (IDC).

Chinese e-commerce rivals challenge Alibaba (Update)

Aug 29, 2014

China's biggest property developer, Wanda Group, and Internet giants Baidu and Tencent unveiled a new e-commerce venture Friday in a challenge to industry leader Alibaba Group ahead of its U.S. stock offering.

User comments : 0