Growing Scrutiny Over UK Patent Box Tax Scheme Amid Pfizer $100b Merger Bid

摘要

The European Commission will intensify its ongoing investigation on the legality of the UK patent box tax scheme as it begins to attract companies, including pharmaceutical giant Pfizer Inc., which has cited the UK patent box tax rate of 10 percent as a motivating factor for its proposed $100 billion takeover of drug-maker rival AstraZeneca plc. Having drawn preliminary conclusions in 2013 that the UK patent box scheme violates EU code of conduct rules on unfair corporate taxation, a Commission official told Bloomberg BNA that the proposed Pfizer merger has made it all the more urgent to complete the investigation.